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Exploring Nigeria’s Trade Landscape: Q4 2023 Insights

March 8, 2024

Photo Credit: NBS

 

Discover the intricate tapestry of Nigeria’s trade dynamics in the fourth quarter of 2023. According to the latest Foreign Trade Statistics Report, Nigeria’s total trade surged to an impressive N26,801.95 billion during this period.

Delving deeper, exports accounted for a substantial N12,693.62 billion, underlining Nigeria’s significant role in the global market. Conversely, imports amounted to N14,108.33 billion, reflecting the nation’s continued engagement in international commerce.

For a comprehensive analysis of Nigeria’s trade performance and its implications, delve into the Foreign Trade Statistics Report for Q4 2023 released by the NBS below. Uncover trends, challenges, and opportunities shaping Nigeria’s economic landscape.

Key Highlights

In the fourth quarter of 2023, Nigeria’s total trade stood at N26,801.95 billion. Exports were valued at N12,693.62 billion while imports amounted to N14,108.33 billion. On an annual basis, total trade was N71,880.01 billion, of which imports amounted to N35,917.62 billion, and exports were recorded at N35,962.39 billion.

Total exports in the quarter under review increased by 22.68% when compared to the amount recorded in the third quarter of 2023 (N10,346.60 billion) as well as by 99.60% compared to the corresponding quarter in 2022 (N6,359.61 billion). In the same vein, total imports increased by 56.04% compared to the value recorded in the third quarter of 2023 (N9,041.24 billion) and by 163.08% when compared to the value recorded in the corresponding quarter of 2022 (N5,362.83 billion).

The value of re-exports stood at N50.91 billion representing 0.40% of total exports. Details analysis on re-exports reveals that the top five re-export destinations were Malaysia, Cameroun, Italy, Ghana, and the Netherlands and the most re-exported commodity was ‘Vessels and other floating structures for breaking up. with N13.67 billion, ‘this was followed by Mechanically propelled vessels for the transport of goods, gross tonnage> 500 tonnes’ valued at N6.76 billion, ‘Other machinery of heading 84.30, not self-propelled’ amounting to N6.26 billion, Tugs and pusher craft. valued at 4.54 billion, and ‘Artificial filament tow of cellulose acetate’ valued at N2.42 billion.

Further analysis on fourth-quarter trade by partners shows that the top five export destinations in Q4, 2023 were the Netherlands with N1,910.47 billion or 15.05%, India with N1,101.47 billion or 8.68%, Spain with N1,030.09 billion or 8.11%, Canada with N907.64 billion or 7.15%, France with N799.77 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 N10,310.70 billion representing 81.23%, this was followed by ‘Natural gas,’ with N1,015.84 billion accounting for 8.00%, and ‘Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98% of total exports.

In terms of Imports (CIF), the top five trading partners were Singapore with goods valued at N5,092.36 billion or 36.09%, China with N2,060.59 billion or 14.61%, Belgium with N1,140.97 billion or 8.09%, India with N908.59 billion or 6.44% and The United States of America with goods valued at N512.99 billion or 3.64%. The values of imports from the top five countries amounted to N9,715.50.

 

 

Culled from NBS/X

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