By Ngozi Onyeakusi—Nigeria’s total trade recorded at N12,841.54 billion in the second quarter of 2022, National Bureau of Statistics (NBS) has revealed.

According to the Bureau, this  was lower than the value recorded in the first quarter of 2022 (N13,001.28 billion) but was higher than the value recorded in the corresponding period of 2021 which stood at N9,712.02 billion. NBS also said that total exports, were N7,406.53 billion of which re-exports stood at N9.63 billion, while total imports stood at N5,435.01 billion. “In the quarter under review, total exports increased by 4.31 per cent when compared to the first quarter of 2022 (N7,100.46 billion) and by 47.55 per cent of the value recorded in the second quarter of 2021 (N5,019.68 billion). On the other hand, total imports decreased by 7.89 per cent in the second quarter of 2022 when compared to the value recorded in the first quarter of 2022 (N5,900.83 billion) and grew by 15.83% when compared to the value recorded in the corresponding quarter of 2021 (N4,692.33 billion). “Re-exports in the second quarter of 2022, which stood at N9.63 billion; decreased when compared to the same quarter of 2021 (N64.39 billion) and also, in the first quarter of 2022 (N115.80 billion) by 85.05 percent and 91.68 percent respectively.