On an annual basis, total trade was N52.387 billion, with total imports at N25.590 billion and total exports at N26.796 billion.
Total exports increased by 7.17% and 10.28% compared to Q3 2022 and Q4 2021, respectively. Meanwhile, total imports fell by 15.46% and 9.73% compared to Q3 2022 and Q4 2021, respectively.
The report also highlighted that Namibia, Equatorial Guinea, Cameroun, Ghana, and Togo were the top five re-export destinations, with floating or submersible drilling or production platforms being the most re-exported commodity.
The top five export destinations in Q4 2022 were Spain, Netherlands, India, France, and Indonesia, accounting for 41.59% of the total value of exports. Petroleum oils and oils obtained from bituminous minerals, crude was the commodity with the most significant export values in the period, representing 77.24%.
Regarding imports, China, Belgium, India, The Netherlands, and the U.S. were the top five countries of origin of imports to Nigeria. The value of imports from the top five countries amounted to N2.993 billion, representing 55.82% of the total value of imports.
The report's findings suggest that Nigeria's trade sector has continued to experience growth, with the value of exports increased compared to the previous quarters. However, the decline in the value of imports could be a cause for concern, as it could indicate a slowdown in economic activity.
Overall, the report provides valuable insights into Nigeria's trade performance and highlights the need for continuous efforts to support and strengthen the country's trade sector.