Nigeria’s economy witnessed a significant surge in the third quarter of 2023, with the National Bureau of Statistics (NBS) reporting a total external merchandise trade value of N18.80 trillion. The latest figures unveiled a robust trade surplus, fueled by substantial increases in both exports and imports.
Exports dominated the scene, accounting for N10.35 trillion, while imports stood at N8.46 trillion, resulting in a noteworthy trade surplus of N1.88 trillion. A comparative analysis reveals a remarkable 60.78% increase in total exports from the preceding quarter, reaching N6.44 trillion. Year-on-year, exports witnessed an even more impressive surge of 74.36% compared to Q3 2022 figures of N5.93 trillion.
Non-crude oil exports played a pivotal role, contributing N1.81 trillion (17.50% of total exports), showcasing Nigeria’s ongoing efforts to diversify its export base. Non-oil products also made a notable impact, contributing N677.57 billion, constituting 6.55% of total exports.
The export sector was spearheaded by petroleum oils and oils obtained from bituminous minerals, crude, which accounted for a staggering N8.54 trillion (82.50% of total exports). Other significant contributors included natural gas (liquefied) and urea, reflecting the diversity within Nigeria’s export portfolio.
Spain emerged as Nigeria’s leading export trading partner in Q3 2023, absorbing N1.27 trillion (12.31% of total exports), closely followed by India at N1.01 trillion (9.81%). The Netherlands, Indonesia, and France also featured prominently among Nigeria’s top export destinations.
On the import front, Nigeria witnessed a 47.70% increase compared to Q2 2023 and a 33.33% rise compared to Q3 2022. This surge in imports is attributed to heightened trade activities, underlining the country’s active participation in the global marketplace.
China asserted its dominance as Nigeria’s primary import partner, accounting for N1.97 trillion (23.33%). Belgium, India, Malta, and the United States of America also played crucial roles, further diversifying Nigeria’s import sources.
