In 2023, Nigeria’s total foreign trade reached N71.88 trillion- an increase of 37.2% when compared to the N52.38 trillion recorded by the National Bureau of Statistics in 2022.
Nigeria recorded a meagre trade surplus in the region of N45 billion with imports at N35.917 trillion and exports at N35.962 trillion.
In terms of the value of trade with economic regions across the globe, Asia came top slightly edging Europe.
Nigeria’s trade value with Asian countries reached N28.65 trillion in 2023 with imports at N19.07 trillion and exports at N9.58 trillion.
This was followed by Europe with a total trade value with Nigeria at N28.57 trillion. The Americas came third with a total trade value of N9.75 trillion between January and December 2023.
Despite the growing advocacy for increased intra-Africa trade with the coming of AfCFTA, the total trade between Africa’s biggest economy and its fellow African countries stood at N4.609 trillion in 2023.
Below are the top ten countries with the most trade with Nigeria in terms of imports and exports in 2023.
10. Italy– In 2023, Nigeria’s total trade with Italy stood at N2.03 trillion with imports at N644.52 billion and exports at N1.39 trillion.
9. United Kingdom– the total value of goods exchanged between Nigeria and its former colonial master in 2023 reached N2.097 trillion in 2023. During this period, Nigeria exported goods worth N1.409 trillion and imported goods valued at N688.19 billion.
8. Canada– In 2023, Nigeria exported goods valued at N2.13 trillion to Canada and received goods worth N312.58 billion during the period. In total, the value of trade between both countries stood at N2.44 trillion.
7. France– In the year under review, trade volume between Nigeria and France reached N2.814 trillion. During the period, Nigeria imported goods worth N464.99 billion and exported goods valued at N2.35 trillion.
6. Spain– For 2023, the total trade between Nigeria and Spain stood at N3.707 trillion with imported goods worth N321.88 billion and exported goods at N3.386 trillion.
5. United States of America (U.S.A)- Nigeria’s total trade volume with the United States reached N4.87 trillion in 2023. Of this figure, imported goods were worth N2.27 trillion while exported goods totalled N2.609 trillion.
4. Singapore– Nigeria’s trade with Singapore spiked in the fourth quarter of 2023 with the importation of N5.06 trillion worth of armoured vehicles. However, between the first and third quarters, trade between both countries was less than N1 billion mainly re-exporting in a few hundred million. Total trade between both countries in 2023 stood at N5.093 trillion.
3. India– Nigeria’s total trade with India reached N5.88 trillion in 2023 making her Nigeria’s third largest trading partner. Exports from Nigeria to India stood at N3.00 trillion with imported goods from India worth around N2.887 trillion during the period.
2. Netherlands– the Netherlands emerged as Nigeria’s second largest trade partner in 2023 with a total trade value of N6.32 trillion of which N4.51 trillion were exported from Nigeria and N1.805 trillion in imported goods.
1. China– Nigeria’s largest trading partner in 2023 was China with a total trade value of N7.49 trillion. Although Nigeria recorded a whopping trade deficit of N5.709 trillion during the period under review. Imports stood at N6.60 trillion with exports at N891.37 billion.
