Nigeria Achieves Record Q3 2023 Trade Surplus of N1.89 Trillion

InfoStride News reports that Nigeria has achieved a trade surplus of N1.89 trillion in the third quarter of 2023, surpassing the N1.25 trillion recorded in the preceding quarter. According to the latest Foreign Trade in Goods Statistics report by the National Bureau of Statistics, Nigeria’s total trade reached N18.8 trillion in Q3 2023, marking an increase from N12.74 trillion in Q2 2023.

In the third quarter of this year, total exports amounted to N10.35 trillion, while total imports stood at N8.46 trillion. This growth is attributed to increased trade activities during Q3 2023. The report indicates that total exports rose by 60.78% compared to Q2 2023 and 74.36% compared to the same quarter in 2022. Similarly, total imports increased by 47.70% compared to Q2 2023 and 33.33% compared to Q3 2022.

Spain emerged as Nigeria’s top export trading partner in Q3 2023, surpassing the Netherlands, which held the position in Q2 2023. Spain accounted for N1.27 trillion worth of exported goods, followed by India and the Netherlands in second and third positions, respectively. The top five export destinations, including Indonesia and France, represented 45.98% of Nigeria’s total export value. ‘Petroleum oils and oils obtained from bituminous minerals, crude’ dominated Nigeria’s exports, constituting 82.5% of the total at N8.54 trillion.

China maintained its status as Nigeria’s top import trading partner, with imports valued at N1.97 trillion, comprising 23.33% of the country’s total imports. Other significant import partners include Belgium, India, Malta, and the United States of America. The top five import sources accounted for 57.18% of Nigeria’s total imports. ‘Motor Spirit Ordinary’ was the most imported product, amounting to N1.92 trillion or 22.71% of total imports, followed by ‘Gas oil’ at N736.66 billion (8.71%), and ‘Durum wheat (not in seeds)’ at N331.76 billion (3.92% of total imports).

In conclusion, the robust performance of Nigeria’s trade sector in Q3 2023, as highlighted by InfoStride News, underscores the country’s economic resilience and growing international partnerships. The shift in top export partners and the sustained demand for Chinese imports contribute to the dynamic nature of Nigeria’s global trade landscape.