Nigeria Boasts Trade Surplus as Exports Hit N23.3trn in Nine Months

The National Bureau of Statistics (NBS) in a report revealed that Nigeria attained a notable trade surplus of N3.5 trillion between January and September 2023.

NBS made this known in its foreign trade report for the third quarter of 2023 on Monday, noting that within this period, Nigeria’s exports amounted to N23.3 trillion, while total imports stood at N19.7 trillion, resulting in a substantial trade surplus.

Breaking down the figures, the NBS detailed the trade outcomes for each quarter of the year. In the first quarter of 2023, total exports were valued at N6.49 trillion, and imports stood at N5.56 trillion, resulting in a total trade value of N12.05 trillion. This figure surpassed the N7.86 trillion recorded in the corresponding period of 2022.

Moving into the second quarter of 2023, the nation’s overall trade amounted to N12.16 trillion, with exports reaching N6.44 trillion and imports totalling N5.73 trillion.

The third quarter of 2023 witnessed an uptick in total trade, reaching N18.8 trillion, with exports valued at N10.35 trillion and imports at N8.46 trillion.

“Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion. Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion).

“Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion),” it said.

According to the report, Nigeria’s export landscape underwent a substantial transformation during the third quarter. Spain emerged as the top destination for Nigerian exports, accounting for 12.31 percent of total exports valued at N1.27 trillion. India, Netherlands, Indonesia, and France followed closely, collectively representing 45.98 percent of the country’s total exports.

China maintained its position as Nigeria’s principal import partner, contributing 23.33 percent of total imports. Belgium, India, Malta, and the United States of America were also among the top five countries supplying imports to Nigeria, making up 57.18 percent of total imports.

The report highlighted ‘Motor Spirit Ordinary’ as the commodity with the highest import value, amounting to N1,921.03 billion or 22.71 percent of the total imports.

“Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China (₦1,973.34 billion or 23.33%), this was followed by imports from Belgium with ₦996.65 billion or 11.78%, India with ₦802.07 billion or 9.48%, Malta with ₦561.37 billion or 6.64% and the United States of America with ₦502.92 billion or 5.95% of total imports.

“The values of imports from the top five countries amounted to ₦4,836.36 billion representing a share of 57.18% of total imports. The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at ₦1,921.03 billion or 22.71%,” the report said.