In 2023, Nigeria’s total foreign trade increased to N71.88 trillion from N52.38 trillion recorded in 2022, representing an increase of 37.2% year-on-year (Y-o-Y)
These figures were contained in the Foreign Trade in Goods Statistics (Q4 2023) report published by the National Bureau of Statistics (NBS) on Friday, March 8, on its website.
The statistics agency reported that in the quarter under review, Nigeria’s total trade reached N26.80 trillion of which exports contributed N12.69 trillion, and imports accounted for N14.10 trillion
It noted that when analyzed on a quarter-on-quarter basis, the nation’s total exports rose by 22.68% in Q4 2023 compared to the N10.34 trillion recorded in third quarter of 2023 and that on a year-on-year basis, the valued increased by 99.60% compared to the N6.35 trillion recorded in the corresponding period of 2022.
A further decomposition of the Foreign Trade in Goods Statistics report for the quarter under review showed that Nigeria’s total import value surged to N14.10 trillion, indicating a 163.08% increase from the N5.36 trillion recorded in the same quarter of 2022.
The NBS attributed the preponderance rise in the value imported goods to the importation of ‘Tanks and other armoured fighting vehicles, motorized, whet’, which amounted to N5.06 trillion during the quarter.
According to the report, the value of re-exports totalled N50.91 billion representing 0.40% of total exports and the top five re-export destinations were Malaysia, Cameroun, Italy, Ghana, and the Netherlands.
The Bureau clarified that the most re-exported commodity was ‘Vessels and other floating structures for breaking up with N13.67 billion; followed by Mechanically propelled vessels for the transport of goods, gross tonnage 500 tonnes’ valued at N6.76 billion; while ‘Other machinery of heading 84.30, not self-propelled’ totalled N6.26 billion; Tugs and pusher craft was valued at 4.54 billion; and ‘Artificial filament tow of cellulose acetate’ valued at N2.42 billion.
It stated that a further analysis on Q4 2023 trade by partners showed that the top five export destinations were the Netherlands with N1,910.47 billion or 15.05%, India with N1,101.47 billion or 8.68%, Spain with N1,030.09 billion or 8.11%, Canada with N907.64 billion or 7.15%, France with N799.77 billion or 6.30% of total exports.
The Bureau reported that altogether, exports to the top five countries amounted to 45.29% of the total value of exports with the largest exported product in the quarter under review being ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10,310.70 billion, representing 81.23%; followed by ‘Natural gas,’ with N1,015.84 billion accounting for 8.00% of the exports value; and ‘Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98% of total exports’ value.
Similarly, it disclosed that in terms of Imports (CIF), the top five trading partners of Nigeria in Q4 2023 were Singapore, with goods valued at N5,092.36 billion or 36.09%; China, with N2,060.59 billion or 14.61%; Belgium, with N1,140.97 billion or 8.09%; India, with N908.59 billion or 6.44%; and The United States of America, with goods valued at N512.99 billion or 3.64%.
In total the report reflected that the values of imports from the top five countries amounted to N9,715.50.
