Nigeria’s foreign exchange profits increased in the first six months of 2023, as the country’s trade surplus increased to N2.22 trillion.
This occurred as the country explored new ways to boost its foreign exchange profits. According to recent figures from the National Bureau of Statistics, Nigeria’s entire import bill was N11.29 trillion, while total exports were N13.50 trillion, meaning that the government earned N2.22 trillion in foreign money.
Foreign trade declined 12.68 percent to N24.79 trillion in the first six months of 2023, from N28.39 trillion in the same time in 2022. Despite the reduction in commerce, the country’s surplus climbed by 258.20 percent from N618.81 billion in the first two quarters of 2022 to N618.81 billion in the third quarter.
On foreign trade in Q1, 2023, the NBS stated that, “In the second quarter of 2023, Nigeria’s total trade stood at N12.74tn, total exports stood at N7.02tn and total imports amounted to N5.73tn. Total exports increased by 8.15 per cent when compared to the amount recorded in the first quarter of 2023 (N6.49tn) but declined by 5.20 per cent compared to the corresponding quarter in 2022 (N7.40tn).
“Likewise, in the period under review, total imports increased by 2.99 per cent compared to the value recorded in the first quarter of 2023 (N5.56tn) but declined by 10.37 per cent when compared to the value recorded in the corresponding quarter of 2022 (N6.39tn).”
Crude oil (N10.74tn) was responsible for most of Nigeria’s foreign exchange earnings from trade. The country’s forex spending was mostly on machinery and transport equipment (N3.25tn) and mineral fuel etc., (N3.74tn). The country’s crude oil earnings have been rising steadily due to improved production volumes following concerted efforts by security officials and oil operators.
