Nigeria’s crude oil sales increased by 46.41 per cent to N21.09 trillion total sales in 2022 against N14.41 trillion in 2021, according to the latest National Bureau of Statistics Fourth Quarter 2022 data.
The data made Nigeria’s total trade rise by 31.79 per cent from N39.75tn in 2021 to N52.39tn in 2022; Here, crude oil accounted for 78.74 per cent of total export.
Total exports for 2022 rose by 41.72 per cent from N18.91tn in 2021 to N26.79tn as of 2022. Imports rose by 22.77 per cent from N20.84tn in 2021 to N25.59tn in 2022.
NBS data showed that Spain, Netherlands, India, France and Indonesia recorded the top-five export destinations for Nigeria.
On the other hand, China, Belgium, India, the Netherlands and the United States of America were the top five countries importing to Nigeria, valued at N2.99 trillion.
The data indicated that Motor Spirit Ordinary, Gas oil and durum wheat were the largest imported product values in the period under review.
