Total trade hits N11,707.20bn, says NBS

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acd nbs

From Isaac Anumihe, Abuja

National Bureau of Statistics (NBS) has said that in the  Q4, 2021, Nigeria’s total merchandise trade stood at N11,707.20 billion, 74.71 per cent higher when compared to the value recorded in the Q4, 2020.

A statement released  by the bureau and obtained by Daily Sun from NBS website, at the weekend, also revealed that the  share of exports in total trade stood at N5,766.62 billion, 49.26 per cent  in Q4, 2021. Whereas imports value in the Q4, 2021 accounted for N5,940.58 billion, 50.74 per cent of total trade, export trade by region in Q4 2021 shows that  Nigeria exported most products to Europe with goods valued at N2,408.39 billion or 41.76 per cent of total exports, Asia (N1,875.56 billion, or 32.52 per cent  of total exports) and Africa was N773.83 billion or  13.42 per cent  of total exports of which N250.52 billion worth of goods were exported to ECOWAS countries and exports to America amounted to (N702.74 billion, or 12.19 per cent of total exports).

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“During the quarter, Nigeria imported goods mainly from Asia, valued at N2,743.76 billion or 46.19 per cent of total imports. This was followed by Europe at N2,422.41 billion or 40.78 per cent, America at  N571.70billion or 9.62 per cent, Africa at   N161.47 billion or 2.72 per cent and Oceania  at N41.24 billion or 0.69 per cent. Imports from  ECOWAS countries accounted for  N35.76 billion, or 0.6 per cent of the value of total imports.

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