The National Bureau of Statistics said that Nigeria recorded a negative trade balance of N173.96 billion in the fourth quarter of last year.

The Statistician-General of the Federation, Dr. Simon Harry, made the announcement at a news conference in Abuja on Tuesday, to announce foreign trade statistics for fourth-quarter 2021 and the Consumer Price Index for February 2022.

According to him, during the fourth quarter of 2021, total trade stood at N11.7 billion with an export trade value of N5.7 billion and the import trade value of N5.9 billion, which he said, recorded a negative trade balance of N173.96 billion.

Harry said, however, that total trade in Q4, 2021 was 11.79 percent higher, when compared to the value recorded in Q3, 2021 with N10.4 billion.

“Similarly, export trade grew by 12.27 percent from N5.1 billion while import trade grew by 11.33 percent from N5.3 billion in Q3 2021.’’

He said that Nigerian export trade was dominated by crude oil, which amounted to N4, 269.36 billion, representing 74.04 percent of total exports during the period.

“This was followed by natural liquefied gas with N573.8 billion (9.95 percent).

“Floating or submersible drilling platforms with N265.33 billion (4.60 percent) and Urea, whether or not in aqueous solution with N208.05 billion, representing 3.61 percent.

“On the other hand, major products imported were motor spirit, valued at (N1, 443.91 billion) (24.31 percent), followed by Durum wheat, valued at N397.19 billion (6.69 percent) and Rolled iron/steel and others with N88.23 billion (1.49 percent).’’

Harry said that India, Spain, France, Netherlands, and Indonesia were the top five major export trading partners of Nigeria during the period.

“The top five major trading partners in exports during the 4th Quarter, 2021 were India with ₦874.86 billion (15.17 percent), Spain with ₦789.23 billion (13.69 percent).

“France with ₦485.35 billion (8.42 percent), the Netherlands with ₦425.85 billion (7.38 percent), and Indonesia with ₦288.10 billion (5.00 percent).

“Similarly, the top import trading partners during the period under review were China with ₦1,652.65 billion (27.82 percent), Belgium with ₦613.28 billion (10.32 percent), and India with ₦430.38 billion (7.24 percent).

“Others are the Netherlands with ₦416.52 billion (7.01 percent) and the United States of America with ₦340.36 billion (5.73 percent).

“Looking at sectoral classifications, 74.04 percent of total exports during the period under review was crude oil, followed by other petroleum oil products with 11.90 percent.

“In terms of imports, 50.51 percent were manufactured goods, followed by other petroleum oil products with 28.60 percent,’’ Harry said.