This is as Nigeria’s foreign trade in the period under review experienced a rise by 53.16 per cent year-on-year to N 18.80tn.
In the previous year’s third quarter, only N4.66tn was recorded in crude oil sales.
Factors such as increased trade activity contributed to a 60.78 per cent increase in total exports to N10,35 trillion in the third quarter of 2023, the NBS report on foreign trade in goods (FTAG) revealed.
“Nigeria’s total merchandise trade stood at N18.80tn in Q3, 2023. The value indicates an increase of 54.62 per cent over the amount recorded in Q2, 2023 as well as by 53.16 per cent when compared to the value recorded in Q3 2022.
“Total exports accounted for 55.02 per cent of total trade in the reviewed quarter with a value of N10.35tn, showing an increase of 60.78 per cent and 74.36 per cent over the value recorded in the preceding and corresponding quarters, respectively.
“Exports trade in the third quarter of 2023 was dominated by crude oil exports valued at N8,535.61 billion representing 82.50 per cent of total exports while the value of non-crude oil exports stood at N1.81tn accounting for 17.50 per cent of total exports; of which non-oil products contributed N677.57bn or 6.55 per cent of total exports.
“On the other hand, the share of total imports accounted for 44.98 per cent of total trade in the third quarter of 2023, with the value of imports amounting to N8.46tn in Q3, 2023. This value indicates an increase of 47.70 per cent and 33.33 per cent, respectively over the value (N5.73tn) and (N6.34tn) recorded in the preceding and the corresponding quarters of 2022,” The PUNCH quoted NBS report saying.
The report revealed further that Nigeria’s trade balance stood at N1.89tn and that Spain (N1.27tn), India (N1.02tn), the Netherlands (N988.66bn), Indonesia (N758.59bn), and France (N720.45) recorded the highest exports from Nigeria.
Altogether, exports to the top five countries amounted to 45.98 percent of the total value of exports.