Nigeria’s trade surplus has hit N3.5 trillion between January to September 2023, the foreign trade report for the third quarter (Q3) of 2023 released by the National Bureau of Statistics (NBS) on Monday has shown.
Nigeria’s trade surplus is a significant indicator of its economic strength and potential for growth. The country has experienced a consistent trade surplus over the years, meaning that its exports surpass its imports in value. This surplus is largely due to the country’s rich natural resources such as oil, gas, and agricultural products. Nigeria is one of the world’s largest oil producers, and its crude oil and petroleum exports contribute significantly to its trade surplus. The surplus has allowed the country to accumulate foreign exchange reserves and invest in infrastructure development.
The Bureau reports that during the first nine months of the year, Nigeria’s total exports were N23.3 trillion, while its total imports were N19.7 trillion, leaving a N3.5 trillion trade surplus. According to NBS data on foreign trade in Q12023, total exports were valued at N6.49 trillion, while total imports were valued at N5.56 trillion.
The nation’s total trade was N12.05 trillion in Q1 which was higher than the value of (N7.86 trillion) recorded in the corresponding period (Q1) of 2022. In Q3 2023, there was an improvement as the total trade stood at N18.80 trillion, with exports and imports totalling N10.35 trillion and N8.46 trillion respectively.
“Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion,” the report reads. “Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion). “Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion).”