In 2023, Nigeria’s total foreign trade increased from N52.38 trillion recorded in 2022 to N71.88 trillion- an increase of 37.2% compared to 2022.
According to the report total imports for 2023 were N35.9 trillion while total exports were N35.9 trillion meaning the country posted a slim trade surplus of just N2.9 billion. This is a huge reversal from the trade surplus of N1.2 trillion reported in 2022.
This is according to the fourth quarter foreign trade report published by the NBS.
In the fourth quarter of 2023, Nigeria’s total trade reached N26.80 trillion. Of this, exports contributed N12.69 trillion, and imports accounted for N14.10 trillion
In the quarter under review, total exports rose by 22.68% compared to the third quarter of 2023, where they were valued at N10.34 trillion, and saw an increase of 99.60% in comparison to the same quarter in 2022, which had a value of N6.35 trillion.
Recommended reading: Nigeria records N1.3 trillion foreign trade surplus in Q2 2023
Imports in Q4
For Q4 2023, the total import value reached N14.10 trillion, marking a 163.08% increase from the N5.36 trillion recorded in the same quarter of 2022.
The preponderance of this rise is attributed to the importation of ‘Tanks and other armoured fighting vehicles, motorized, whet’, which amounted to N5.06 trillion during the quarter being reviewed.
Agricultural imports
In the fourth quarter of 2023, agricultural goods imports were valued at N711.14 billion, reflecting a 10.48% increase from N643.68 billion in the third quarter of 2023, and a 59.87% increase from N444.82 billion in the fourth quarter of 2022.
For the fourth quarter of 2023, imports of raw materials were valued at N966.80 billion, representing a 1.67% increase from N950.93 billion in the third quarter of 2023 and a 72.87% rise from N599.25 billion in the fourth quarter of 2022.
In the third quarter of 2023, imports of other oil products were valued at N3.34 trillion, showing a 2.61% decrease from N3.43 trillion in the same quarter, but an increase of 78.22% from N1.87 trillion in the corresponding quarter of 2022.
Exports in Q4
Total exports in Q4 of 2024 was valued at N12.69 trillion, showing a 22.68% growth from the N10.34 trillion recorded in the third quarter of 2023 and a 99.60% increase from the N6.35 trillion noted in the fourth quarter of 2022.
Agricultural goods exports in the quarter under review were valued at N463 billion, which is a 110.91% increase from the N219.99 billion recorded in the third quarter of 2023, and a 171.97% rise from the N170.59 billion recorded in the fourth quarter of 2022.
For raw material goods exports, the value reached N329.41 billion in the fourth quarter of 2023, marking a 74.09% increase from the N189.22 billion in the third quarter of 2023 and a 56.28% increase from the N210.78 billion recorded in the fourth quarter of 2022.
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