Foreign trade rises 11% to N13trn in Q1’22

The nation’s foreign trade in goods rose quarter-on-quarter, QoQ, by 11 per cent in the first quarter of 2022 (Q1’22) to N13 trillion from N11.7 trillion in Q4’21.

The National Bureau of Statistics, NBS, disclosed this today Friday,in its Foreign Trade in Goods Statistics Report for Q1’22.

According to the bureau, the value of exports also rose QoQ by 23 per cent to ₦7.1 trillion in Q1’22 from 5.76 trillion in Q4’21.

Similarly, the value of imports rose QoQ by 21 per cent to N5.9 trillion in Q1’22 from N4.87 trillion in Q4’21.

Meanwhile, in its Capital Importation Report for Q1’22 released today, NBS said that the value of capital inflows into the country fell QoQ by 28 per cent to $1.57 billion in Q1’22 from $2.2 billion in Q4’21.

It said that by sectors, capital importation into banking had the highest inflow of $818.84 million amounting for 52 per cent of total capital imported in the first quarter of 2022.

NBS said:”The total value of capital importation into Nigeria in Q1’22 stood at $1.5 billion from $2.2 billion in the preceding quarter showing a decrease of 28.09 per cent .