Nigeria's Foreign Trade surges by 37.2% to N71.88trn in 2023- NBS

Nigeria’s overall foreign trade in 2023 climbed from N52.38 trillion in 2022 to N71.88 trillion, a 37.2% increase over 2022.

This is according to the National Bureau of Statistics’ fourth quarter foreign trade report.

Nigeria’s overall commerce in Q4 2023 was N26.80 trillion. Exports supplied N12.69 trillion while imports accounted for N14.10 trillion.

Total exports increased by 22.68% in the current quarter compared to the third quarter of 2023, when they were valued at N10.34 trillion, and by 99.60% compared to the same quarter in 2022, when they were worth N6.35 trillion.

The total import value in Q4 2023 was N14.10 trillion, up 163.08% from the N5.36 trillion recorded in the same quarter of 2022.

The majority of this increase is due to the importation of ‘Tanks and other armoured warfare vehicles, motorised, motorised’, which totaled N5.06 trillion during the quarter under review.

In the fourth quarter of 2023, agricultural goods imports totaled N711.14 billion, up 10.48% from N643.68 billion in the third quarter of 2023 and 59.87% from N444.82 billion in the fourth quarter of 2022.

Imports of raw materials totaled N966.80 billion in the fourth quarter of 2023, up 1.67% from N950.93 billion in the third quarter and 72.87% from N599.25 billion in the fourth quarter of 2022.

Imports of other oil products totaled N3.34 trillion in the third quarter of 2023, down 2.61% from N3.43 trillion in the same quarter but up 78.22% from N1.87 trillion in the same quarter of 2022.

Total exports in Q4 2024 were valued at N12.69 trillion, up 22.68% from N10.34 trillion in the third quarter of 2023 and 99.60% from N6.35 trillion in the fourth quarter of 2022.

Agricultural goods exports in the quarter under review totaled N463 billion, up 110.91% from N219.99 billion in the third quarter of 2023 and 171.97% from N170.59 billion in the fourth quarter of 2022.

Raw material goods exports totaled N329.41 billion in the fourth quarter of 2023, up 74.09% from N189.22 billion in the third quarter of 2023 and 56.28% from N210.78 billion in the fourth quarter of 2022.