Nigeria's Foreign Trade Soars: A 37.2% Surge in Total Trade to N71.88 Trillion in 2023

In the fiscal year 2023, Nigeria witnessed a substantial surge in its total foreign trade, escalating from N52.38 trillion in 2022 to N71.88 trillion, marking a significant 37.2% increase compared to the previous year. This revelation stems from the fourth-quarter foreign trade report recently published by the National Bureau of Statistics (NBS).

During the fourth quarter of 2023 alone, Nigeria's overall trade volume reached N26.80 trillion. Within this, exports contributed N12.69 trillion, while imports accounted for N14.10 trillion.

Examining the exports for the quarter, there was a noteworthy 22.68% upswing from the third quarter of 2023, where they were valued at N10.34 trillion. This surge also represents a substantial 99.60% increase compared to the same quarter in 2022, which recorded a value of N6.35 trillion.

On the other hand, imports for the fourth quarter of 2023 amounted to N14.10 trillion, exhibiting a significant 163.08% surge from the N5.36 trillion recorded in the corresponding quarter of 2022. The primary driver of this surge was attributed to the importation of 'Tanks and other armored fighting vehicles, motorized, whet,' amounting to N5.06 trillion during the reviewed quarter.

Diving into specific import categories, agricultural goods imports in the fourth quarter of 2023 were valued at N711.14 billion, reflecting a 10.48% increase from N643.68 billion in the preceding quarter and a substantial 59.87% surge from N444.82 billion in the fourth quarter of 2022.

Additionally, imports of raw materials in the same quarter were valued at N966.80 billion, signifying a 1.67% increase from N950.93 billion in the third quarter of 2023 and an impressive 72.87% rise from N599.25 billion in the fourth quarter of 2022.

Noteworthy is the decline in imports of other oil products, valued at N3.34 trillion in the third quarter of 2023, showing a 2.61% decrease from N3.43 trillion in the same quarter. However, it marks a substantial 78.22% increase from N1.87 trillion in the corresponding quarter of 2022.

Turning attention to exports in the fourth quarter of 2023, the total value reached N12.69 trillion, indicating a robust 22.68% growth from the N10.34 trillion recorded in the third quarter of 2023 and a remarkable 99.60% increase from the N6.35 trillion noted in the fourth quarter of 2022.

Analyzing specific export categories, agricultural goods exports in the reviewed quarter were valued at N463 billion, representing a noteworthy 110.91% increase from the N219.99 billion recorded in the third quarter of 2023 and an impressive 171.97% rise from the N170.59 billion in the fourth quarter of 2022.

Furthermore, raw material goods exports in the fourth quarter of 2023 amounted to N329.41 billion, marking a substantial 74.09% increase from the N189.22 billion in the preceding quarter and a commendable 56.28% increase from the N210.78 billion recorded in the fourth quarter of 2022.