Nigeria’s foreign trade experienced a notable surge in the third quarter of 2023, witnessing a 53.16% year-on-year increase, reaching N18.80tn.
This growth was propelled by an 83.23% rise in crude oil revenue, totaling N8.54tn for the quarter.
The National Bureau of Statistics reported a substantial boost in total exports by 60.78% to N10.35tn, attributing this to heightened trade activities during the period.
The report revealed that Nigeria’s overall merchandise trade for Q3 2023 amounted to N18.80tn, marking a 54.62% increase over Q2 2023 and a 53.16% increase compared to Q3 2022. Crude oil exports dominated, representing 82.50% of total exports at N8,535.61 billion, while non-crude oil exports accounted for 17.50%.
Imports, constituting 44.98% of total trade, rose to N8.46tn in Q3 2023, reflecting increases of 47.70% and 33.33% over the preceding and corresponding quarters of 2022. The country’s trade balance stood at N1.89tn.
Top export destinations included Spain, India, The Netherlands, Indonesia, and France, collectively receiving 45.98% of total exports.
China, Belgium, India, Malta, and the United States were the major import partners, representing 57.18% of total imports.
The report highlighted that petroleum oils, natural gas, and urea were significant export products, while motor spirit, gas oil, and durum wheat were major imports.
Despite challenges in meeting the 2023 oil production target, with reported figures ranging from 1.33 million to 1.7 million barrels per day, the government remains focused on increasing production to enhance revenue and fund strategic national projects.
The recent devaluation of the naira may have contributed to the rise in exports, aligning with the expectation of higher naira revenues from oil and gas exports, as noted by JP Morgan earlier in the year.
