Nigeria’s trade record was almost balanced in 2023, according to the most recent numbers released by the statistics office. The value of imports and exports almost equaled N35.9 trillion, according to a National Bureau of Statistics (NBS) study.
According to NBS, Nigeria’s overall commerce in the fourth quarter of 2023 was ₦26,801.95 billion. Exports were valued at ₦12,693.62 billion, while imports totaled ₦14,108.33 billion. ₦71,880.01 billion was the total value of trade on an annual basis. Of this, ₦35,917.62 billion was recorded as imports and ₦35,962.39 billion as exports.
Comparing the total exports for the reviewed quarter to the ₦10,346.60 billion reported in the third quarter of 2023, there was a 22.68% rise. The sum exceeded by 99.60% the ₦6,359.61 billion noted in the relevant quarter in 2022.In the same vein, total imports increased by 56.04% compared to ₦9,041.24 billion recorded in the third quarter of 2023. It is 163.08% higher than ₦5,362.83 billion recorded in the corresponding quarter of 2022.
The value of re-exports stood at ₦50.91 billion representing 0.40% of total exports, according to the statistics office. Details analysis on re-exports reveals that the top five re-export destinations were Malaysia, Cameroun, Italy, Ghana and the Netherlands.
“The most re-exported commodity was ‘Vessels and other floating structures for breaking up. with ₦13.67 billion, ‘this was followed by Mechanically propelled vessels for the transport of goods, gross tonnage> 500 tonnes’ valued at ₦6.76 billion,
“‘Other machinery of heading 84.30, not self-propelled’ amounting to ₦6.26 billion, Tugs and pusher craft valued at 4.54 billion, and ‘Artificial filament tow of cellulose acetate’ valued at ₦2.42 billion”.
Further analysis on fourth-quarter trade by partners shows that the top five export destinations in Q4, 2023 were the Netherlands with ₦1,910.47 billion or 15.05%, India with ₦1,101.47 billion or 8.68%, Spain with ₦1,030.09 billion or 8.11%, Canada with ₦907.64 billion or 7.15%, France with ₦799.77 billion or 6.30% of total exports.
Altogether, exports to the top five countries amounted to 45.29% of the total value of exports. The largest exported product in the fourth quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at ₦10,310.70 billion representing 81.23%. This was followed by ‘Natural gas,’ with ₦1,015.84 billion accounting for 8.00%, and ‘Urea, whether or not in aqueous solution’ with ₦251.90 billion or 1.98% of total exports.
In terms of Imports (CIF), the top five trading partners were Singapore with goods valued at ₦5,092.36 billion or 36.09%, China with ₦2,060.59 billion or 14.61%, Belgium with ₦1,140.97 billion or 8.09%, India with ₦908.59 billion or 6.44% and The United States of America with goods valued at ₦512.99 billion or 3.64%. The values of imports from the top five countries amounted to ₦9,715.50 billion representing a share of 68.86% of total imports.
While the commodities with the largest values of imported products were ‘Tanks and other armoured fighting vehicles, motorised, whet’ worth ₦5,061.25 billion or 35.87%, ‘Motor spirit, ordinary’ valued at ₦1,807.48 billion or 12.81% and ‘Gas oil valued at ₦1,196.26 billion or 8.48%.
IMPORTS
The value of total imports stood at ₦14,108.33 billion in the fourth quarter of 2023, this represents an increase of 56.04% compared with N9,041.24 billion recorded in Q4, 2023. It is up by 163.08% compared to ₦5,362.83 billion recorded in the corresponding quarter of 2022.
NBS said this increase was largely due to the import of ‘Tanks and other armoured fighting vehicles, motorised, whet’ worth ₦5,061.25 billion during the quarter under review.
The value of imports of agricultural goods in Q4, 2023 stood at ₦711.14 billion. This showed an increase of 10.48% and 59.87% when compared to ₦643.68 billion recorded in Q3 of 2023 and the corresponding quarter of ₦444.82 billion in 2022 respectively.
The value of raw material imports stood at ₦966.80 billion in Q4, 2023. This value increased by 1.67% when compared to ₦950.93 billion in Q3, 2023 and up 72.87% when compared to (₦599.25 billion recorded in Q4, 2022 respectively.
The value of solid minerals imports in the fourth quarter of 2023 stood at ₦58.92 billion. This value was 6.43% higher than the value recorded in Q3, 2023 (₦55.36 billion) and 72.68% higher than the value recorded in Q4, 2022 (₦34.12 billion). The value of energy goods imports stood at ₦0.08 billion in Q4, 2023 while the value recorded in the third quarter of 2023 was ₦0.01 billion.
The value of imported manufactured goods in the quarter under review stood at ₦9,026.46 billion showing an increase of 128.12% and 268.76% when compared to the value recorded in Q3, 2023 (₦3,956.81 billion) and the value recorded in Q4, 2022 (₦2,447.76 billion) respectively.
This increase was largely due to the import of ‘Tanks and other armoured fighting vehicles, motorised, whet’ worth ₦5,061.25 billion. The value of other oil products imports in Q3,2023 stood at ₦3,344.93 billion indicating a decrease of 2.61% and an increase of 78.22% from the value recorded in Q3, 2023 (₦3,434.45 billion) and the corresponding quarter of 2022 (₦1,876.87 billion) respectively.
The value of total exports in Q4, 2023 stood at ₦12,693.62 billion indicating an increase of 22.68% compared with the value recorded in Q3, 2023 (₦10,346.60 billion) and by 99.60% when compared with the value recorded in the fourth quarter of 2022 (₦6,359.61 billion). The value of agricultural goods exports stood at ₦463.97 billion in Q4, 2023, showing an increase of (110.91%) over the value recorded in Q3, 2023 (₦219.99 billion) and a rise of 171.97% when compared to the value recorded in Q4, 2022 (₦170.59 billion).
The value of raw material goods exports in Q4, 2023 was valued at ₦329.41 billion, this represents an increase of 74.09% and 56.28% when compared to the value recorded in Q3, 2023 (₦189.22 billion) and Q4, 2022 (₦210.78 billion) respectively.
The value of solid minerals exports in Q4, 2023 was valued at ₦35.87 billion indicating a decrease of 13.79% over the value recorded in Q3, 2023 (₦41.61 billion) and a 70.58% increase when compared to the value recorded in the corresponding quarter in 2022 (₦21.03 billion).
The exports value of energy goods in Q4, 2023 stood at ₦31.04 billion indicating an increase of 16.83% when compared to the value recorded in Q3, 2023 (₦26.57 billion) and increased by 64.86% compared to Q4, 2022 (₦18.83 billion).
The value of manufactured goods exports was valued at ₦234.96 billion in Q4, 2023. This represents an increase of 17.37% but a decrease of (24.45%) when compared to the value recorded in Q3, 2023 (₦200.19 billion) and Q4 2022 (₦311.01 billion) respectively.
The value of crude oil exports in Q4, 2023 stood at ₦10,310.70 billion indicating an increase of 20.80% compared to the value recorded in Q3, 2023 (₦8,535.61 billion) and increased by 109.91% when compared to the same period in 2022 (₦4,911.92 billion).
The value of other oil products exports in Q4, 2023 was ₦1,287.65 billion, this showed an increase of 13.61% and by 79.98% when compared to the value recorded in Q3, 2023 (₦1,133.42 billion) and the value in the fourth quarter of 2022 (₦715.45 billion) respectively.
