Nigeria’s Urea Export Hits N208.39bn in Q1 2022 – NBS

The National Bureau of Statistics (NBS) has said Nigeria’s export of Urea reached N208.39 billion in the first quarter of 2022, making it the country’s biggest non-oil export product within the period.

The development, which was contained in the NBS report, revealed that Urea has replaced Sesamum seeds as biggest non-oil export product, adding it ranked the third-highest of Nigeria’s export with a total of 2.93 per cent share of total exports for the first quarter of 2022.

According to the data, the figure showed a sharp contrast compared to the corresponding period in 2021, when Sesame seeds accounted for the highest chunk of Nigeria’s non-oil export, noting that the country exported N16.77 billion worth of urea in the first three months of 2021.

Also, the report disclosed that Nigeria’s raw materials exports rose by 504.17 per cent in the first quarter of 2022 to N259.48 billion, from N42.95 billion in the first quarter of 2021, showing that during the quarter, ‘Urea whether or not in aqueous solution’ was exported to Brazil at a value of N63.11 billion.

Speaking on the development, an expert said the increase in urea exports could be linked to the start-up of operations at the Dangote Fertilizer facility, saying the company exports the product to the U.S., India, and Brazil among others. Specifically, the Head of Research at an investment banking and asset management business of FBN Holdings plc, FBNQuest, Tunde Abidoye, explained that the development would increase Nigeria’s export base and foreign exchange (FX) earnings from non-oil exports.

He said, “Dangote’s fertiliser has added to the production of urea in the country and the commencement of operations in Dangote’s fertiliser facility means that there are now more fertilisers being produced in Nigeria and it is available for exports.”

Agro Nigeria