The recently released foreign trade report by the National Bureau of Statistics showed that Nigeria exported goods worth $17.3 billion in the second quarter of 2022, representing a 47.5% increase from $11.8 billion recorded in the corresponding period of 2021.
Also, compared to the previous quarter, export value increased by 4.3% from $16.7 billion recorded in Q1 2022. It is worth noting that Nigeria’s export for the review period is the highest on record. As a result of the increase in export earnings, Nigeria’s trade balance increased to a surplus of $4.6 billion, the highest since Q2 2018.
Meanwhile, the list of top exported items by the African giant appears the same, crude oil and natural gas topping the list, followed by urea. Meanwhile total crude oil export stood at $13.9 billion in the period under review, a stunning 45.1% increase year-on-year.
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