By Munachimso Obienyi
National Bureau of Statistics’ Foreign Trade Statistics for the second quarter of 2022, has revealed that crude oil exports grew to N11.5 trillion at the end of the first half (H1) of 2022.
A breakdown of crude oil exports in the first half of 2022 showed that in the first quarter of the year, crude oil valued at N5.6 trillion, was exported by the country, increasing to N5.9 trillion in the second quarter, thus resulting in a total of N11.5 trillion
This is against the figure of N2 trillion and N4 trillion recorded in the first and second quarter of 2021, and in the third and fourth quarter of 2021, Nigeria recorded crude oil exports of N4 trillion and N4.3 trillion respectively.
The NBS noted that crude oil exports in the first six months of 2022 accounted for 79 per cent of total exports in the period under review and 45 per cent of total trade in the same period.
The Bureau’s statistics, put Nigeria’s total trade in the first half of 2022 at N26 trillion comprising N13 trillion and N13 trillion in the first and second quarters of the year, respectively, while total export trade for the first half of 2022 stood at N14 trillion, with N7 trillion and N7.4 trillion export recorded in the first and second quarter respectively.
In the second quarter of 2022, crude oil ranked as the most exported commodity in the country, with 80 per cent of the country’s total export.
