Nigeria recorded a surplus of N1.8 trillion as its foreign trade witnessed a substantial 60.7% surge, reaching 18.8 trillion in the third quarter of 2023, according to a report by the National Bureau of Statistics (NBS).
This remarkable increase, a notable 60.78% higher than the N6.4 trillion in the second quarter of 2023, is attributed to the devaluation of the country’s naira. While the numerical value of the currency rose against the dollar, the actual value decreased as goods denominated in dollars became more expensive.
The report disclosed that total exports were valued at N10.3 trillion, with total imports standing at N8.4 trillion. Export figures marked a 74.36% increase compared to the corresponding quarter in 2022 (N5.9 trillion), while imports rose by 47.70% compared to the second quarter of 2023 (N5.7 trillion) and 33.33% compared to the same quarter in 2022 (N6.3 trillion).
The surge in exports and imports is primarily attributed to heightened trade activities within the period, the report indicated.
Notably, the report highlighted the value of re-export at N35.9 billion, constituting 0.35% of total exports. The most traded export products included ‘petroleum oils and oils obtained from bituminous minerals, crude,’ valued at N8.5 trillion, accounting for 82.50% of exports.
For imports, ‘Motor Spirit Ordinary’ led the list, valued at N1.9 trillion, representing 22.71%, followed by gas oil at N736.6 billion (8.71%) and durum wheat (not in seeds) amounting to N331.7 billion.
Examining trading partners, Spain emerged as the highest recipient of Nigerian exports with trades valued at N1.2 trillion, followed by India at N1 trillion, the Netherlands at N988.6 billion, Indonesia at N758.5 billion, and France at N720.4 billion, collectively making up 45.98% of total exports.
On the import side, China led with N1.9 trillion (23.33%), followed by Belgium at N996.6 billion (11.78%), India at N802 billion (9.48%), Malta at N561.3 billion (6.64%), and the United States of America at N502.9 billion (5.95% of total imports).
This robust performance in foreign trade positions Nigeria favorably, showcasing increased economic activity and international engagements, contributing significantly to the nation’s fiscal health.
