According to the CBN’s latest monthly economic report for Nov ’22, the provisional value of Nigeria’s total merchandise trade decreased by c.-7% m/m and around -22% y/y to USD8.7bn. The m/m decrease was driven by an -8% m/m and -6% m/m reduction in the value of merchandise export and import to USD4.3bn and USD4.4bn respectively. The decrease was even more pronounced on a y/y basis, with the value of total export and import falling by -15% and -28% y/y respectively. The trade position implies a trade deficit of -USD0.02bn for Nov ’22. 

A major factor behind the decrease in exports during the month was a decline in crude oil and gas exports to USD3.9bn from USD4.3bn the previous month, largely due to lower crude oil prices m/m.

In contrast, the value of non-oil exports increased by c.17% m/m to USD0.4bn, thanks to increases in non-oil products and re-exports.

With respect to non-oil exports, the primary export commodity was urea (used to produce nitrogenous fertilizer) which accounted for c.21% of non-oil exports.

It was followed by cocoa beans and sesame seeds which had a share of 20% and 9% respectively.

The CBN and other agencies have introduced various schemes including the RT 200 programme and export expansion grant in a bid to promote non-oil exports.

The CBN governor disclosed late last year that non-oil export proceeds repatriated into Nigeria had increased to almost USD5bn as of Nov ’22 from USD 3.1 bn in 2021.

Cumulatively, the total value of Nigeria's international trade stood at almost USD119bn over the 11M ’22 period.

This comprised of exports of USD59bn and imports of USD60bn. The trade position implies a trade deficit of USD1.5bn over the 11-month period to Nov '22.