Nigeria’s exports increased significantly in the first three months of 2022, with total exports increasing by 137.88% to 7.1 trillion naira from the 2.98 trillion naira recorded in the first quarter of 2021.
It was then that capital inflows into the country decreased by 28.09% to reach 1.57 billion dollars.
Compared to the 5.76 trillion naira recorded in the last quarter of last year, the value of the country’s exports increased by 23.13%, as imports fell by 0.67% compared to what was recorded in the last three months of last year. .
According to Trade Statistics data released by the National Bureau of Statistics (NBS) on Friday, the country’s total imports at the end of the first quarter of 2022 stood at 5.9 trillion naira, compared to 5.94 trillion naira recorded in the during the last quarter of 2021.
There was, however, a 21.04% increase in imports from the 4.87 trillion naira recorded in the first quarter of 2021.
According to the BES, there were significant increases in exports of agricultural products which increased by 51.89%, solid minerals which increased by 45.17% and exports of crude oil increased by 31.66% compared to compared to what they recorded in the fourth quarter of last year.
The value of exports of agricultural products stood at 201.59 billion naira while exports of solid minerals in the first quarter of 2022 were valued at 19.69 billion naira. The value of crude oil exports in the first quarter of 2022 stood at N5.62 trillion, or 70.16% of total exports.
In addition, the export value of other petroleum products increased by 11.35% to 764.27 billion naira from 686.38 billion naira recorded in the fourth quarter of 2021, while the export value of raw materials in the first quarter of 2022 was valued at N259.48 billion. showing an increase of 4.44% and 504.17% from the N248.45 billion and N42.95 billion recorded in Q4 2021 and Q1 2021 respectively.
Meanwhile, the value of exports of energy goods in the first quarter of 2022 decreased by 25.66% to 15.36 billion naira, just as the value of exports of manufactured goods was valued at 219.08 billion naira in 2022. first quarter of 2022, a decrease of 44.6%. against 395.48 billion naira recorded in the fourth quarter of 2021.
Capital import data, which was also released by the NBS, showed that the total value of capital imports into Nigeria in the first quarter of 2022 was $1.573 billion, down from $2.187 billion in the quarter. previous year, a decrease of 28.09%.
Compared to the corresponding quarter of 2021, capital import decreased by 17.46% to $1.905 billion. The largest amount of imported capital by type was received through portfolio investment, which accounted for 60.87% at $957.58 million.
Next come other investments with 29.28% or 460.59 million dollars and foreign direct investment (FDI) representing 9.85% or 154.97 million dollars) of the total capital imported in the first quarter of 2022.
Disaggregated by sectors, the import of capital in the banking sector recorded the highest inflow of 818.84 million dollars, or 52.05% of the total capital imported in the first quarter of 2022. Next comes the capital imported in the production sector, valued at $223.67 million; and the financing sector. with $199.37 million.
Capital import by country of origin reveals that the UK ranked as the top source of capital imported into Nigeria in the first quarter of 2022 with a value of $1.021 billion or 64.92%. This is followed by the Republic of South Africa and the United States of America, valued at $117.50 million and $82.07 million respectively.