The value of agricultural goods imported into Nigeria in 2023 exceeded exports by N1.037 tn marking the 5th year imports exceeded exports.
In Q4 of 2023, Nigeria shifted back into net importer status, primarily attributed to a substantial acquisition of tanks and armoured vehicles in October, valued at N5.06 trillion.
In 2023, Nigeria’s total foreign trade increased from N52.38 trillion recorded in 2022 to N71.88 trillion- an increase of 37.2% when compared to 2022.
The interconnectedness of the world has made it impossible for any country to survive in isolation. International trade is a part of Nigeria's trade with other countries through imports and exports.
Nigeria's import surged by 54% year-on-year to N6.85 trillion in the first quarter of 2021.
Recent data obtained from the NBS show that between the first quarter of 2018 and the second quarter of 2019, Nigeria had spent the total sum of N1.03 trillion to import used vehicles and Motorcycles in less than 2 years
Nigeria’s total foreign trade (value of exports and imports) hit N8.60 trillion in the second quarter (Q2) of...
The Central Bank of Nigeria (CBN) has called on SMEs to take advantage of opportunities from the bank to boost their businesses, as the apex bank extends a total sum of N66 billion as loans to boost cotton, soya beans and cassava production in Nigeria.@cenbank
