Nigerian traders imported N22.8 billion worth of apples, crude palm oil, cocoa powder containing sweetener during the first three months of this year, the foreign trade data from the National Bureau of Statistics (NBS) has shown.
Based on the NBS data, crude palm oil valued at N7.42 billion was imported by Nigerian traders. They also bought apples worth N6.33 billion in the first quarter of this year. Another item classified as fractions of palm oil and its fractions, not fit for human consumption worth N5.15 billion was imported as well as cocoa powder containing added sugar or other sweetening matter valued at N3.99 billion also featured on the list of imported items in the first quarter of 2024.
Nigeria’s total trade rose to N31.81 trillion at the end of the first quarter of 2024, recording a 145.58 percent increase over the N12.95 trillion worth of trade the country recorded in the corresponding period of 2023.
The first quarter 2024 total trade comprises N12.64 trillion imports and N19.17 trillion exports, resulting in a positive trade balance of N6.52 trillion.
On an annual basis, imports grew by 95.5 percent as the country imported N12.64 trillion worth of goods in Q1 2024 compared to N6.47 trillion in Q1 2023. Exports grew by 195.5 percent in view of the N19.2 trillion worth of goods exported in Q1 2024 as against N6.49 trillion in Q1 2023.
Trade balance in Q1 2024 as well as in Q1 2023 remained positive. But while the trade balance at the end of the first quarter of 2024 was N6.52 trillion, it was N20.94 billion in the comparable period of 2023.
Crude oil sales topped the export chart in the first quarter of 2024, with Nigerian selling overseas N15.49 trillion worth of export earnings from crude sales representing 80.80 percent of the total export value for the quarter. Natural gas generated the second highest export earnings for Nigeria in the first quarter, as the country made N1.68 trillion from the sale of the product, accounting for 8.65 percent of the export earnings during the first quarter.
Sesame seeds worth N247.75 billion were exported during the quarter, emerging as the third highest earning export goods, and becoming the highest earning non-oil product during the quarter. This product accounted for 1.29 percent of Nigeria’s export earnings during the reference period.
Urea occupied the fourth position in terms of export earnings, generating 1.25 percent of the total export earnings during the quarter. Superior quality cocoa beans occupied the fifth position as this produce generated N230.85 billion, accounting for 1.20 percent of the total export earnings during the quarter.
On the import side, refined petroleum products accounted for the bulk of the goods that Nigeria imported during the first quarter of this year. With N2.63 trillion, refined petroleum products accounted for 20.84 percent of Nigeria’s imports during the quarter.
Gas oil worth N1.19 trillion was imported, accounting for 9.46 percent of Nigeria’s total import values. Durum wheat worth N519.75 billion was imported during the first quarter, representing 4.11 percent of the country’s imports during the quarter under review.
Cane sugar worth N235.85 billion was imported, which accounted for 1.87 percent of first quarter imports. And other liquefied petroleum gases worth N194.68 billion were imported, representing 1.54 percent of the country’s total imports within the first three months of this year.
France, Spain, Netherlands, India and the United States were the top five destinations of Nigeria’s exports during the quarter. Goods worth N2.13 trillion was exported to France; N2.02 trillion to Spain; N1.69 trillion to the Netherlands, N1.61 trillion to India, and N1.31 trillion to the United States.
On the other hand, goods worth N2.93 trillion were imported from China; N1.07 trillion from India; N1.01 trillion from the United States; N955.96 billion from Belgium, and N591.55 billion from the Netherlands.
Apapa Ports in Lagos State dominated the nation’s international trade during the first quarter, accounting for 94.3 percent of the export trade and 58.45 percent of import trading transactions during the first three months of this year.
