Nigeria: Crude Oil, Gas, Urea, Electricity, Top Exports’ List in Q1 2022
Latest report from the Nigerian Bureau of Statistics (NBS) has said that Nigeria’s merchandise export worth in the Q1 of 2022, which stood at N7.1tillion, indicated an increase of 23.13% when compared to the N5.77trillion recorded in the previous quarter.
The N7.1trillion is also 137.88% higher than the N2.98 trillion recorded in the corresponding period of 2021, the report said.
The foreign trade report section of the NBS bulletin observed that the increase in Nigeria’s export earnings turned the foreign trade balance in favour of Nigeria for the first time since Q2 2021, and the highest since Q3 2019.
The NBS report also noted that Nigeria recorded a foreign trade surplus of N1.19 trillion in review quarter compared to N173.96 billion deficit recorded in Q4 2021.
Here are Nigeria’s topmost exports in the NBS Q1, 2022 report
Crude Oil – N5.62 trillion
Nigeria exported petroleum oil and oils obtained from bituminous minerals in crude form worth N5.62 trillion in Q1 2022. This represents about 79.16% of the country’s total exports in the period under review.
The 2022 first quarter figure (N5.62trln) is significantly higher than the N4.27trillion recorded in the corresponding quarter in 2021. NBS said in the report that the increase in the value of crude export earnings is attributed to the rally in crude prices recorded in the first quarter of the year.
Prices of crude oil rose significantly to as high as $127 per barrel in Q1 2022, after world economies placed trade sanctions on Russia for invading Ukraine in February 2022.
Natural Gas – N655.94billion
Nigeria exported N655.94billion worth of natural gas in Q1 2022, registering a 14% increase compared to N573.85billion recorded in Q4 2021, and accounting for 9.24% of the total exports.
The rise in the value of natural gas was largely due to the rally in the crude oil market.
Following the sanctions against Russian energy products, Nigeria is reported as haven been able to increase its earnings. Nigeria is recorded as one of the world largest producers of natural gas.
Urea – N208.39billion
Nigeria’s Bureau for Statistics recorded that the country’s Urea export increased marginally in Q1 2022 to N208.39billion from N208.05billion recorded in the previous quarter. The export of urea, whether in aqueous solution or not, accounted for 2.93% of the country’s total export in the period under review.
The Nigerian government had disclosed earlier in the year that the $2.5 billion Dangote Fertilizer plant has presented Nigeria as the leading producer of urea in Africa.
This status held for Nigeria today followed the commencement of export by Dangote Fertilizer Company to the US, India, Brazil amongst others.
Petroleum Gases – N93.7billion
Petroleum gases accounted for 1.32% of the total export recorded in the period at N93.7 billion, NBS said. The figure is also 28% higher than the N73.15billion recorded in the last quarter of 2021 previous quarter.
The increase cannot be isolated from the rally recorded in the crude oil market and the subsequent global energy crisis that followed, the report said.
Floating/Submersible Platforms – N89.93billion
Nigeria exported floating or submersible drilling or production platforms worth N89.93 billion in Q1 2022, accounting for 1.27% of the total export value. Note that a submersible drilling rig is a marine vessel that is designed to float from one location to another and can be lowered onto the sea floor for offshore drilling activities.
1. Superior quality cocoa beans – N72.59 billion
2. Sesame seeds – N56.45 billion
3. Unwrought aluminium (alloys) – N24.64billion
4. Vessels and other floating structures – N15.93 billion
5. Electricity – N15.36 billion