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Nigeria’s trade surplus hits N1.89 trillion in Q3 2023

Nigeria has recorded a trade surplus of N1.89 trillion in the third quarter of 2023, which is higher than the N1.25 trillion in the preceding quarter.

Also, the latest Foreign Trade in Goods Statistics report by the National Bureau of Statistics shows that Nigeria had a total trade of N18.8 trillion by Q3 2023, which is also an increase from N12.74 trillion in Q2 2023.

For the third quarter of this year, total exports were N10.35 trillion while total import was N8.46 trillion.

The increase from the preceding quarter is attributed to a rise in trade activities in Q3 2023.

The report read:

  • “Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion.
  • “Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion).
  • “Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25 billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion).
  • “The significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by an increase in trade activities within the period.”

Spain is Nigeria’s top export trading partner

Spain unseats Netherlands (Nigeria’s top export destination in Q2 2023) to become Nigeria’s top export trading partner for Q3 2023, with a total value of N1.27 trillion exported goods.

It is followed by India, with the Netherlands, settling in third position.

The report read:

  • “Analysis by trading partners in Q3, 2023, shows that Spain recorded the highest exports from Nigeria with a value of ₦1,274.07 billion or 12.31% of the country’s total exports, this was followed by India with ₦1,015.13 billion or 9.81%, The Netherlands with ₦988.66 billion or 9.56%, Indonesia with ₦758.59 billion or 7.33%, France with ₦720.45 billion or 6.96% of total exports.
  • Altogether, exports to the top five countries amounted to 45.98% of the total value of exports.”

It added that ‘Petroleum oils and oils obtained from bituminous minerals, crude’ was Nigeria’s most exported product, representing 82.5% of the country’s total export at N8.54 trillion.

This product is followed by ‘Natural gas, liquefied’ at N1.02 trillion (9.82% of total export) and ‘Urea, whether or not in aqueous solution’ at N109.68 billion (1.06% of total export).

China is Nigeria’s top import trading partner

Nigeria’s demand for Chinese goods has not dissipated over the years, as the Asian country maintained its lead as the top import trading partner of Nigeria.

Import from China is valued at N1.97 trillion, which is about 23.33% of the country’s total imports.

The report read:

  • “Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China (₦1,973.34 billion or 23.33%), this was followed by imports from Belgium with ₦996.65 billion or 11.78%, India with ₦802.07 billion or 9.48%, Malta with ₦561.37 billion or 6.64% and the United States of America with ₦502.92 billion or 5.95% of total imports.
  • “The values of imports from the top five countries amounted to ₦4,836.36 billion representing a share of 57.18% of total imports.”

Nigeria’s most imported products were ‘Motor Spirit Ordinary’ (N1.92 trillion or 22.71% of total imports), ‘Gas oil’ (N736.66 billion or 8.71%), and ‘Durum wheat (not in seeds) with a value of N331.76 billion or 3.92% of total import.


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