The RT200 policy recently launched by the Central Bank of Nigeria (CBN) to incentivise export earnings has started to yield dividends as Nigeria’s export increased by 137.88 per cent in the first three months of 2022 to N7.1 trillion compared with N2.98 trillion recorded in the first quarter of 2021.
Also, capital inflow into the Nigeria declined by 28.09 per cent to $1.57 billion compared to N5.76 trillion recorded in the last quarter of 2021.
According to trade statistics released by the National Bureau of Statistics (NBS), Nigeria’s total imports at the end of the first quarter of 2022 stood at N5.9 trillion compared to N5.94 trillion recorded in the last quarter of 2021.
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, the NBS report revealed, rose by 45.17 per cent while crude oil exports rose by 31.66 per cent compared to what they recorded in the fourth quarter of last year.
The report showed that 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.
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 with capital importation from both countries amounting to $117.50 million and $82.07 million respectively.