The latest Foreign Trade Report by the National Bureau of Statistics (NBS) reveals that Nigeria has secured a remarkable N3.5 trillion trade surplus over the first nine months of the year, a positive economic indicator highlighting a substantial trade balance where exports surpass imports.
According to the NBS report for the third quarter of 2023, Nigeria’s total exports amounted to N23.3 trillion, while imports stood at N19.7 trillion, culminating in a notable trade surplus. This surplus underscores the nation’s competitiveness in the global market, with a robust performance in both the export and import sectors.
Analysing the quarterly breakdown, the first quarter of 2023 recorded a total trade value of N12.05 trillion, surpassing the corresponding period in 2022.
The second quarter continued this trend, with a total trade value of N12.16 trillion. In the third quarter, there was a substantial improvement, with total trade reaching N18.80 trillion, comprising exports valued at N10.35 trillion and imports at N8.46 trillion.
Notably, the report indicates a significant shift in Nigeria’s export destinations during Q3 2023, with Spain emerging as the top destination, accounting for 12.31 percent of total exports valued at N1.27 trillion. India, the Netherlands, Indonesia, and France followed suit, collectively representing 45.98 percent of total exports.
Despite diversification efforts, petroleum oils and oils obtained from bituminous minerals, crude, remained the primary export product, contributing an impressive 82.50 percent (N8.54 trillion) of total exports. Other significant export earners included natural gas, liquefied, and urea, contributing 9.82 percent (N1.02 trillion) and 1.06 percent (N109.68 billion), respectively.
On the import front, China maintained its dominance, accounting for 23.33 percent of total imports. The top five partner countries for imports were China, Belgium, India, Malta, and the United States of America, collectively representing 57.18 percent of total imports.
The commodities with the highest import values included ‘Motor Spirit Ordinary,’ gas oil, and durum wheat, emphasising the nation’s demand for energy-related products and agricultural inputs.
Nigeria’s trade surplus showcases its resilience in the global economic landscape, with positive implications for economic growth and stability. Investors and market observers will be closely monitoring these trends for insights into Nigeria’s trade dynamics and its position in the international market.
(Edited by Oludare Mayowa; firstname.lastname@example.org; Newsroom: +234 8033 964 138)