In 2023, the amount of foreign trade went up to N71.88tn. In Quarter four, there was a deficit of N1.4tn, while crude oil exports reached N10.3tn.
In 2023, Nigeria’s overall trade hit N71.88 trillion, up from N52.38 trillion the year before, according to the National Bureau of Statistics (NBS).
The report released yesterday shows that exports totaled N35.96 trillion and imports were at N35.91 trillion, resulting in a surplus of N44 billion.
In the last quarter of 2023, the country had a shortfall of N1.41 trillion when the total trade was N26.80 trillion. Of this, exports were valued at N12.69 trillion. However, it’s worth noting that the performance in Quarter four saw a 38.24 per cent increase from Quarter three and a significant 128.64 per cent surge compared to Quarter four 2022.
According to the latest Foreign Trade data for the last quarter of 2023, as shared by the statistical agency, exports in the period went up by 22.68 per cent from N10.34 trillion in the previous quarter and surged by 99.60 per cent from N6.35 trillion in the same quarter of 2022.
The report also mentions that imports saw a 56.04 per cent rise from N9.04 trillion in the third quarter, and a significant 163.08 per cent increase from N5.36 trillion in the fourth quarter of 2022.
In looking more closely at Quarter four, it’s been found that the top five places where the country sends its exports are:
The Netherlands, bringing in N1.91 trillion or 15.05 per cent of the total trade
India at N1.10 trillion or 8.68 per cent
Spain at N1.03 trillion, which is about 8.11 per cent
Canada with N907.64 billion, making up 7.15 per cent
France with N799.77 billion or 6.30 per cent of the total exports.
