Nigeria’s Foreign Trade Surges 53% as Crude Oil Revenues Boom – NBS

Nigeria’s foreign trade increased to N 18.80tn in the third quarter of 2023, up 53.16 percent year over year.

This comes as the income from crude oil increased by 83.23 percent to N8.54 trillion during the reviewed quarter. The entire quantity of crude oil sold in the third quarter of 2022 was N4.66 trillion.

The National Bureau of Statistics (NBS) “Foreign Trade in Goods Statistics (Q3 2023)” report states that overall exports rose by 60.78 percent to N10.35tn during the quarter, helped by a rise in trade activity.

A portion of the report, which was made public on Monday, stated that in Q3, 2023, Nigeria’s total goods trade was N18.80 trillion. The number shows a 53.16 percent rise over the amount reported in Q2, 2023, and a 54.62 percent increase.

In the reviewed quarter, total exports comprised 55.02 percent of total commerce, valued at N10.35 trillion, an increase of 60.78 percent and 74.36 percent, respectively, over the amount recorded in the corresponding and previous quarters.

“The value of non-crude oil exports stood at N1.81tn, accounting for 17.50 percent of total exports; of which non-oil products contributed N677.57bn or 6.55 percent of total exports.

In the third quarter of 2023, export trade was dominated by crude oil exports, valued at N8,535.61 billion, representing 82.50 percent of total exports