Nigeria Achieves Notable Trade Surplus of N3.5 Trillion in Q3 2023, Says NBS

The National Bureau of Statistics (NBS) has disclosed in its report that Nigeria recorded a significant trade surplus of N3.5 trillion between January and September 2023. According to the NBS’s foreign trade report for the third quarter of 2023 released on Monday, Nigeria’s exports during this period amounted to N23.3 trillion, surpassing total imports at N19.7 trillion, resulting in a substantial trade surplus.

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

Moving to the second quarter of 2023, Nigeria’s overall trade amounted to N12.16 trillion, with exports reaching N6.44 trillion and imports totaling N5.73 trillion. The third quarter of 2023 witnessed an increase in total trade, reaching N18.8 trillion, with exports valued at N10.35 trillion and imports at N8.46 trillion.

The report noted a significant transformation in Nigeria’s export landscape 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 primary import partner, contributing 23.33 percent of total imports. Belgium, India, Malta, and the United States of America were 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 total imports.

The report emphasized the substantial growth in both exports and imports, indicating a positive trend in Nigeria’s trade performance in the third quarter of 2023.

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