Nigeria’s exports increased by almost 74% during the previous year, according to the most recent numbers provided by the statistics office. The National Bureau of Statistics reported that overall commerce increased marginally to ₦18,804.29 billion in the third quarter of 2023.
According to the breakdown, Nigeria’s total imports were ₦8,457.68 billion during the time, while its exports were recorded at ₦10,346.60 billion. Over the course of three months, the overall value of exports rose from ₦6,435.13 billion in the second quarter of 2023 to ₦6,470.88 billion in the third quarter.
Compared to the same quarter in 2022, when total exports were valued at ₦5,934.15 billion, Nigeria’s exports, which climbed to ₦10,346.60 billion, indicate a rise of 74.36% on an annual basis.
In a same vein, imports as a whole rose by 47.70% from ₦5,726.25 billion in the second quarter of 2023. Comparing imports year over year to ₦6,343.53 billion in the same quarter of 2022, there was a 33.33% increase. According to the statistics office, an increase in trade activity during the quarter was a major factor in the third quarter of 2023’s notable gain in exports and imports as compared to the comparable and previous quarters.
In Q3, 2023, the value of re-export was recorded at ₦35.95 billion, accounting for 0.35% of all exports. Parts suited for use mainly or principal other came in first place among re-exported commodities with ₦10.19 billion. This was followed by ‘Vessels and other floating structures for breaking up’ valued at ₦10.04 billion, ‘Lightvessels, fire floats, floating cranes, and other vessels not specified in 8905’ amounting to ₦5.77 billion.
In addition, were Aluminium waste and scrap valued at ₦1.50 billion, and ‘Parts of other gas turbines not specified’ valued at ₦1.12 billion. Ivory Coast, Gabon, Ghana, Cameroon, and South Korea were the top five re-export destinations respectively.
Analysis by trading partners in Q3, 2023, shows that Spain recorded the highest exports from Nigeria with a value of ₦1,274.07 billion or 12.31% of the country’s total exports, this was followed by India with ₦1,015.13 billion or 9.81%,
The Netherlands with ₦988.66 billion or 9.56%, Indonesia with ₦758.59 billion or 7.33%, France with ₦720.45 billion or 6.96% of total exports. Altogether, exports to the top five countries amounted to 45.98% of the total value of exports.
However, analysis by traded products shows that the largest export value in the third quarter of 2023 remained ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with ₦8,535.61 billion representing 82.50%.
This was followed by ‘Natural gas, liquefied’ with ₦1,016.45 billion accounting for 9.82%, and ‘Urea, whether or not in aqueous solution’ with ₦109.68 billion or 1.06% of total exports.
Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China which accounted for ₦1,973.34 billion or 23.33% of trades. Naira Steadies as Banks Issue Update on FX Purchase
This was followed by imports from Belgium with ₦996.65 billion or 11.78%, India with ₦802.07 billion or 9.48%, Malta with ₦561.37 billion or 6.64% and the United States of America with ₦502.92 billion or 5.95% of total imports.
The values of imports from the top five countries amounted to ₦4,836.36 billion representing a share of 57.18% of total imports.
The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at ₦1,921.03 billion or 22.71%, ‘Gas oil’ with ₦736.66 billion or 8.71% and ‘Durum wheat (not in seeds)’ with value amounting to ₦331.76 billion or 3.92% of total imports.
