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Nigeria Recorded N3.5trn Trade Surplus In 2023 – NBS Report

The National Bureau of Statistics (NBS) has stated that Nigeria recorded N3.5 trillion trade surplus
between January and September, 2023.

This was contained in the NBS foreign trade report for the third quarter of 2023 on Monday. It said
Nigeria’s exports totalled N23.3 trillion while total imports stood at N19.7 trillion, which gives a trade
surplus of N3.5 trillion.

The NBS also said foreign trade total exports were N6.49 trillion, and imports value was N5.56 trillion.

"The nation’s total trade was N12.05 trillion in Q1, higher than the value (N7.86 trillion) recorded in the
corresponding period (Q1) of 2022.

"Iin Q2 2023, the country’s entire trade stood at N12.16 trillion, with total exports at N6.44 trillion and
imports amounting to N5.73 trillion.

"In Q3 2023, there was an improvement as the total trade stood at N18.8 trillion, with exports and
imports totalling N10.35 trillion and N8.46 trillion respectively.

“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 (₦5,726.25billion) and by 33.33% when compared to the value recorded in the corresponding
quarter of 2022 (₦6,343.53 billion),” the NBS Report said.

It further stated that Nigeria’s export landscape underwent a significant shift in the third quarter of
2023, with Spain emerging as the country’s top export destination, accounting for a remarkable 12.31
percent of total exports, valued at N1.27 trillion.

This was followed by India with N1.02 billion (9.81 percent), Netherlands with N988.66 billion (9.56
percent), Indonesia with N758.59 billion (7.33 percent) and France with N720.45 billion (6.96 percent) of
total exports.

The NBS report shows that China maintained its position as Nigeria’s top import partner in the third
quarter of 2023, accounting for a significant 23.33 percent of total imports.

"The five countries collectively accounted for 45.98 percent of Nigeria’s total exports, demonstrating the
country’s growing presence in diverse global markets.

“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. The commodities with the largest values of imported products were ‘Motor
Spirit Ordinary’ valued at ₦1,921.03 billion or 22.71%,” the Report stated.

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