In a significant economic development, Nigeria’s total trade for the third quarter of 2023 has reached an impressive ₦18,804.29 billion. According to recent data, exports played a pivotal role in this surge, totaling ₦10,346.60 billion, while imports accounted for ₦8,457.68 billion.
The latest figures indicate a remarkable 60.78% increase in total exports compared to the second quarter of 2023 (₦6,435.13 billion) and an even more substantial 74.36% surge compared to the same quarter in 2022 (₦5,934.15 billion). Similarly, total imports witnessed a notable 47.70% rise from the second quarter of 2023 (₦5,726.25 billion) and a 33.33% increase compared to the corresponding quarter in 2022 (₦6,343.53 billion). This notable upswing in trade activities within the period has been a driving force behind the surge in both exports and imports.
Re-export, representing 0.35% of total exports in Q3, 2023, amounted to ₦35.95 billion. Notable among the re-exported commodities were ‘Parts suitable for use solely or principally other,’ valued at ₦10.19 billion, ‘Vessels and other floating structures for breaking up’ at ₦10.04 billion, ‘Lightvessels, fire floats, floating cranes, and other vessels not specified in 8905’ totaling ₦5.77 billion, Aluminium waste and scrap at ₦1.50 billion, and ‘Parts of other gas turbines not specified’ at ₦1.12 billion. Ivory Coast, Gabon, Ghana, Cameroon, and South Korea emerged as the top five re-export destinations.
Analyzing trading partners in Q3, 2023, Spain led the chart with exports valued at ₦1,274.07 billion, followed by India (₦1,015.13 billion), The Netherlands (₦988.66 billion), Indonesia (₦758.59 billion), and France (₦720.45 billion). Collectively, these top five countries constituted 45.98% of the total value of exports. The largest export value remained with ‘Petroleum oils and oils obtained from bituminous minerals, crude,’ contributing ₦8,535.61 billion, representing 82.50% of total exports.
Data on imports in the third quarter of 2023 revealed China as the leading partner, contributing ₦1,973.34 billion (23.33%), followed by Belgium (₦996.65 billion), India (₦802.07 billion), Malta (₦561.37 billion), and the United States of America (₦502.92 billion). These top five countries collectively represented 57.18% of total imports. The highest values of imported products were attributed to ‘Motor Spirit Ordinary’ (₦1,921.03 billion), ‘Gas oil’ (₦736.66 billion), and ‘Durum wheat (not in seeds)’ (₦331.76 billion), accounting for 22.71%, 8.71%, and 3.92% of total imports, respectively.
This robust performance in trade underscores Nigeria’s resilience and growing prominence in the global economic landscape. The data signals positive momentum and potential opportunities for continued growth in the coming quarters.
