Nigeria’s trade surplus decreased from $1.89 billion in March to $930 million in April 2022, a 50.8 percent decrease month-over-month, MoM.
This is because total trade decreased by 8.4% from $11.78 billion in March to $10.79 billion in April.
Crude oil export revenues dropped 15% month over month to $4.51 billion in April from $5.32 billion in March, according to the Central Bank of Nigeria’s (CBN) April Monthly Economic Report.
In April 2022, general trade performance declined due to a combination of global inflation pressures, weaker global growth concerns, and uncertainty in the global crude oil market, according to the CBN.
As a result, Nigeria’s overall commerce decreased from $11.78 billion in March 2022 to $10.79 billion, an 8.4% decrease.
As a result of the trend, the trade surplus decreased from $1.89 billion in the previous month to $0.93 billion in the review period, a 50.8% decrease.
According to a disaggregation, total export earnings decreased 14.3% from $6.29 billion in March to $5.38 billion. Similarly, imports of merchandise decreased slightly from $4.08 billion the previous month to $4.07 billion, a 0.3% decrease.
As a result, total export revenues from gas and crude oil were $5.12 billion, down 13.6% from $5.92 billion in March.
“A breakdown reveals that crude oil export earnings dropped 15.3% to $4.51 billion from $5.32 billion in March, primarily due to the decline in the price of Nigeria’s benchmark crude, the Bonny Light.”
Regarding non-oil exports, it said: “Weakening global demand after Eastern Europe’s uncertainties dampened the performance of non-oil exports.” As a result, the data showed that non-oil export revenues had decreased by 18.5% to $0.74 billion from their March value.
