The National Bureau of Statistics reported an annual trade deficit of ₦173.96 billion in Nigeria’s fourth quarter of last year.
The Statistician-General of the Federation, Dr Simon Harry, announced the figures at a news conference held in Abuja on Tuesday to announce the fourth quarter foreign trade statistics and the February Consumer Price Index.
According to him, the fourth quarter of 2021 recorded a negative trade balance of ₦173.96 billion as total trade was valued at ₦11.7 billion with export trade valued at ₦5.7 billion and import trade valued at ₦5.9 billion.
The total value of the trade in Q4, 2021, however, was 11.79 per cent higher than the value recorded in Q3, 2021 with ₦10.4 billion.
“Similarly, export trade grew by 12.27 per cent from N5.1 billion while import trade grew by 11.33 per cent from N5.3 billion in Q3 2021.’’
The amount of crude oil which Nigerians exported during the period amounted to ₦4, 269,36 billion, representing 74.04% of total exports.
“This was followed by natural liquefied gas with N573.8 billion (9.95 per cent).
“Floating or submersible drilling platforms with N265.33 billion (4.60 per cent) and Urea, whether or not in aqueous solution with N208.05 billion, representing 3.61 per cent.
“On the other hand, major products imported were motor spirit, valued at (N1, 443.91 billion) (24.31 percent), followed by Durum wheat, valued at N397.19 billion (6.69 per cent) and Rolled iron/steal and others with N88.23 billion (1.49 percent).’’
Harry said that India, Spain, France, Netherlands and Indonesia were top five major export trading partners of Nigeria during the period.
“The top five major trading partners in exports during the 4th Quarter, 2021 were India with ₦874.86 billion (15.17 percent), Spain with ₦789.23 billion (13.69 per cent).
“France with ₦485.35 billion (8.42 per cent), the Netherlands with ₦425.85 billion (7.38 per cent), and Indonesia with ₦288.10 billion (5.00 per cent).
“Similarly, the top import trading partners during the period under review were China with ₦1,652.65 billion (27.82 per cent), Belgium with ₦613.28 billion (10.32 per cent) and India with ₦430.38 billion (7.24 per cent).
“Others are the Netherlands with ₦416.52 billion (7.01 per cent) and the United States of America with ₦340.36 billion (5.73 per cent).
“Looking at sectoral classifications, 74.04 per cent of total exports during the period under review was crude oil, followed by other petroleum oil products with 11.90 per cent.
“In terms of imports, 50.51 per cent were manufactured goods, followed by other petroleum oil products with 28.60 per cent,” Harry said.