Solid mineral products and crude oil were the dominant commodities that grew the total value of Nigeria’s export trade in 2012 by 15.5 percent compared to the value in 2011.
According to National Bureau of Statistics (NBS), the 2012 export trade volume grew from N19.4 trillion in 2011 to N22.45 trillion in 2012, showing a growth of N3.01 trillion in value and 15.5 percent increase over the value of 2011.
NBS said that the increase in the value of export contributed to the visible trade balance of N16.8 trillion, which the country recorded in 2012 as against N9.55 trillion recorded in 2011.
A breakdown of Nigeria’s export by commodity shows that mineral products was the highest exported commodity in the year under review and it accounted for 84.1 percent of the total export value to N18.87 trillion.
The NBS further said that crude oil export is still determinant factor to the structure of Nigeria’s export, which contributed a total of N15.5 trillion representing 69.2 percent of the total export in 2012. However, the crude oil component of the total trade increased by 11 percent to N1.60 trillion over 2011 value.
Other products that contributed to the growth of the Nigeria’s export include plastics, rubber and articles, prepared food stuffs, beverages, spirit and vinegar and tobacco. The value of these commodities stood at N1.60 trillion representing 7.1 percent and N764.2 billion representing 3.0 percent of the total export value of Nigeria in 2012.
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Further breakdown of Nigeria’s export to different continents of the world shows that 36.7 percent with N8.23 trillion representing the highest chunk of the total export commodities was taken to European countries.
Also, 32.1 percent with N7.20 trillion of the total export goods was taken to America; N4.35 trillion worth of commodities representing 19.4 percent of the whole export went to Asia while products worth N2.12 trillion showing 9.4 percent of the total export was taken to countries in Africa.
However, Nigeria exported commodities valued at N869.6 billion out of the total export trade in Africa to the countries within the Economic Community of West African States.
Figures as released by the Nigerian Customs Service, Apapa Area 1 command, shows that a total of 116,525.45 metric tons of non-oil commodities with a total market value of N129.9 billion were exported to other countries through the Nigeria’s premier port, Apapa, in 2012.
While a total of 21,015.25 metric tons of export with Free on Board (FoB) value of N12.152 billion was taken out of the country through the Tin-Can Island port in 2012, said the statistics released by Tin-Can Island Customs.
Commenting on Nigeria’s export in 2012, Jan Thorhauge, managing director, Maersk Nigeria, said a recent trade report released by Maersk Nigeria Limited shows that agricultural products such as cocoa, cashew nuts, sesame and cotton dominated the list of containerised commodities exported from Nigerian ports in the year under review. “We see very few finished products being exported”, he said.
