Notwithstanding the challenges in the country, Nigeria’s Foreign Trade has increased to N9.8B in the First Quarter of 2021, representing a 7% increase over quarter 4 of 2021, and a 14% increase over the value received in Q1 of 2020.
According to the National Bureau of Statistics (NBS) that made the disclosure, the export component of this trade stood at N2,907.21 billion, representing 29.79% of the total trade while import was valued at N6,850 billion representing 70.21%.
In terms of international trade, the NBS further disclosed that Nigeria exported most products to Asia (N1,132.55 billion), Europe (N997.79 billion), America (N316.62 billion), India (N488.1 billion), Spain (N287.2billion), China (N190.1 billion), Netherlands (N160.billion). and Africa (N449.84 billion).
As a reflection of its strong regional trade during the quarter, Nigeria exported goods worth N282.2 billion to ECOWAS. However, most goods were exported to India (N488.1 billion or 16.8%), Spain (N287.2billion or 9.9%), China (N190.1 billion or 6.5 %) and the Netherlands (N160.billion or 5.5%).
While Agriculture attract strong export interest, the value of agricultural exports increased by 128.0% in Q1 2021 compared to Q4 2020 and 0.1% compared to Q1 2020. The value of Solid minerals exports increased by 107.2% in Q1,2021 against Q4 2020 and 481.7% against the corresponding quarter in 2020.
The value of Manufactured goods exports rose by 94.0% in Q1 2021 compared to Q4 2020 but decreased by 43.7% compared to Q1, 2020.
The disclosure however, shows that the value of crude oil exports in Q1 decreased by 23.5 per cent compared to Q4, 2020 and 34.5 per cent compared to Q1, 2020.
According to the report, the export value of other oil products increased by 25.5. per cent in Q1 compared to Q4, 2020, and rose marginally 0.1 per cent compared to Q1, 2020.
This notable increase in the country’s current Total Foreign Trade volume could be ascribed to the improved government policies and opened borders after the total lockdown, unlike in 2020 when the pandemic was at its peak.