The National Bureau of Statistics (NBS) has disclosed that total foreign trade in Nigeria rose to N13.3 trillion in the third quarter of 2021, adding that the trade figure comprises N8.2 trillion imports and N5.1 trillion exports, resulting in a trade deficit of N3.03 trillion.
It explained that the Nigeria’s imports expenditure grew by N1.3 trillion from N6.95 trillion recorded in the second quarter of 2021, noting that the rise in imports was driven majorly by an increase in the importation of commodities.
While briefing journalists on the Q3 Foreign Trade Report held in Abuja on Monday, the Q3 Foreign Trade Report held in Abuja, the Statistician-General of the Federation, Simon Harry, the importation of commodities such as motor spirits (N1.1 trillion), Gas Oil (N225.6 billion), imported motorcycles, cycles and CKD valued at N116.3 billion from N94.7 billion, respectively drove the rise in imports.
According to him, comparing 3 quarter to 2 quarter, 2021, total trade grew by 10.43% from N12,029.64 billion, export trade grew by 1.00% from N5,079.44 billion, import trade also grew by 17.32% from N6,950.21 billion,” Harry said.
He stated that crude oil dominated export trade in Q3, as total export of the commodity amounted to N4tn or 78.47 per cent of total export.
“This was followed by Natural gas, liquefied with N487.49 billion (9.50%), Floating or submersible drilling platforms with N163.70 billion (3.19%) and Urea, whether or not in aqueous solution with N107.17 billion (2.08%). On the other hand, imports were mainly motor spirit valued at N 1,052.5 billion (12.91%), Durum wheat valued at N 315.17billion (3.87%), Gas oil with N225.63 billion (2.77%), Used Vehicles N 185.41 billion (2.27%),” he added.
The NBS also listed China (N2.4 trillion), India (N710.3 billion), the United States (N599.1 billion), Netherlands (N554.2 billion), and Belgium (N434.1 billion) as Nigeria’s top five export trade partner during the review period.
Similarly, “the top five major trading partners in export trade during the 3rd Quarter, 2021 were India with N758.1 billion, Spain with N627.01 billion, Italy with N446.04 billion, France with N363.23 billion and Netherlands with N242.49 billion.”