• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, January 30, 2023
Leadership News
Read in Hausa
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
Leadership News
No Result
View All Result
Home News

Exports Rise As Capital Imports Slow To $1.5bn

by Mark Itsibor and Bukola Idowu
8 months ago
in News, Business
Reading Time: 2 mins read
Export
Share on WhatsAppShare on FacebookShare on TwitterTelegram

Nigeria’s exportation increased significantly in the first three months of 2022, as total exports increased by 137.88 per cent to N7.1 trillion as against N2.98 trillion that was recorded in the first quarter of 2021.

This is as the capital inflow into the country declined by 28.09 per cent to $1.57 billion.

Compared to N5.76 trillion recorded in the last quarter of last year, the export value of the country had risen by 23.13 per cent this is as imports declined by 0.67 per cent when compared to what was recorded in the last three months of last year.

According to Trade Statistics data released on Friday by the National Bureau of Statistics (NBS), total imports of the country at the end of the first quarter of 2022 stood at N5.9 trillion compared to N5.94 trillion that was recorded in the last quarter of 2021.

Exports Exports Exports
ADVERTISEMENT

There was, however, a 21.04 per cent rise in imports when compared to N4.87 trillion that was recorded in the first quarter of 2021.

According to the NBS, there had been significant increases in the export of agricultural goods which rose by 51.89 per cent, solid minerals which rose by 45.17 per cent and crude oil exports rose by 31.66 per cent compared to what they recorded in the fourth quarter of last year.

Exports Exports Exports
ADVERTISEMENT

The value of agricultural goods exports stood at N201.59 billion while Solid Minerals exports in Q1, 2022 were valued at N19.69 billion. The value of crude oil exports in Q1, 2022 stood at N5,62 trillion representing 70.16 per cent of total exports.

RELATED

Jennifer Douglas To Inspire Women In Trade At UK Parliament

Jennifer Douglas To Inspire Women In Trade At UK Parliament

30 mins ago
Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs

Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs

38 mins ago

Also, the value of other oil products exports increased by 11.35 per cent to N764.27 billion, compared to N686.38 billion recorded in Q4, 2021 while the value of raw material goods exports in Q1, 2022 was valued at N259.48 billion showing an increase of 4.44 per cent and 504.17 per cent than N248.45 billion and N42.95 billion recorded in Q4, 2021 and Q1, 2021 respectively.

Meanwhile, the value of exports of energy goods in Q1, 2022 declined by 25.66 per cent to N15.36 billion, just as the value of manufactured goods exports was valued at N219.08 billion in Q1, 2022 showing a decline of 44.6 per cent compared to N395.48 billion recorded in Q4, 2021.

Capital importation data, which was also released by the NBS, showed that, the total value of capital importation into Nigeria in the first quarter of 2022 stood at $1.573 billion from $2.187 billion in the preceding quarter showing a decrease of 28.09 per cent.

When compared to the corresponding quarter of 2021, capital importation decreased by 17.46 per cent from $1.905 billion. The largest amount of capital importation by type was received through Portfolio Investment, which accounted for 60.87 per cent at $957.58 million.

This was followed by Other Investment with 29.28 per cent or $460.59 million and Foreign Direct Investment (FDI) accounted for 9.85 per cent or $154.97 million) of total capital imported in Q1 2022.

Disaggregated by sectors, capital importation into banking had the highest inflow of $818.84 million amounting for 52.05 per cent of total capital imported in the first quarter of 2022. This was followed by capital imported into the production sector, valued at $223.67 million and the financing sector with $199.37 million.

Capital Importation by country of origin reveals that United Kingdom ranked top as the source of capital imported into Nigeria in the first quarter of 2022 with a value of $1.021 billion, accounting for 64.92 per cent. This was followed by the Republic of South Africa and the United States of America valued at $117.50 million and $82.07 million respectively.

Tags: Nigeria’s exportation
SendShareTweetShare
Previous Post

Assessing Fabrication Sector As Stimulus For Nigeria’s Industrialisation

Next Post

Upstream Regulator Confirms Caritas University Gas Fire,  Says Real Cause Not Clear

Mark Itsibor and Bukola Idowu

Mark Itsibor and Bukola Idowu

YOU MAY LIKE

Jennifer Douglas To Inspire Women In Trade At UK Parliament
News

Jennifer Douglas To Inspire Women In Trade At UK Parliament

30 mins ago
Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs
News

Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs

38 mins ago
Cashless System Can Help Track Election Financing – Osinbajo
News

Cashless System Can Help Track Election Financing – Osinbajo

1 hour ago
Next Post
Caritas

Upstream Regulator Confirms Caritas University Gas Fire,  Says Real Cause Not Clear

ADVERTISEMENT

LATEST UPDATES

Jennifer Douglas To Inspire Women In Trade At UK Parliament

Jennifer Douglas To Inspire Women In Trade At UK Parliament

January 30, 2023
Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs

Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs

January 30, 2023
Cashless System Can Help Track Election Financing – Osinbajo

Cashless System Can Help Track Election Financing – Osinbajo

January 30, 2023
JAMB Meets On 2022/23 UTME July 21

E-mail Address Now Compulsory For UTME Registration – JAMB

January 30, 2023
JUST-IN: 3 APC Federal Lawmakers Defect To PDP In Katsina

JUST-IN: 3 APC Federal Lawmakers Defect To PDP In Katsina

January 30, 2023
Ronaldo ‘ll Return To Europe After Al Nassr Stint, Says Coach

Ronaldo ‘ll Return To Europe After Al Nassr Stint, Says Coach

January 30, 2023
Court Remands Woman For Pouring Hot Water On Co-Wife In Kwara

Court Remands Woman For Pouring Hot Water On Co-Wife In Kwara

January 30, 2023
I Connect My Music To All Walks Of Life, Says King David The Great

I Connect My Music To All Walks Of Life, Says King David The Great

January 30, 2023

© 2022 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast

© 2022 Leadership Media Group - All Rights Reserved.