Nigeria records N2.9bn trade surplus in 2023

Nigeria, in the 2023 fiscal year, recorded a N2.9 billion trade surplus, as total trade stood at N71.880 trillion, of which imports amounted to N35.917 trillion, and exports were recorded at N35.962 trillion, the National Bureau of Statistics report has shown.

A breakdown of the report shows that in the fourth quarter of 2023, a trade deficit of N1.41 trillion was recorded, while the total trade stood at N26.801 trillion. This is as total exports were valued at N12.693 trillion while imports amounted to N14.108 trillion.

Total exports in the fourth quarter under increased by 22.68 percent when compared to the amount recorded in the third quarter of 2023 (N10.34 trillion) as well as by 99.60 percent compared to the corresponding quarter in 2022 (N6.359 trillion).

Similarly, the total imports increased by 56.04 percent compared to the value recorded in the third quarter of 2023 (N9.041 trillion) and by 163.08 percent when compared to the value recorded in the corresponding quarter of 2022 (N5.362 trillion).

The value of re-exports stood at N50.91 billion representing 0.40 percent 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 N4.54 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 trillion, India with N1.101 trillion, Spain with N1.030 trillion, Canada with N907.64 billion and France with N799.77 billion of total exports.

Altogether, exports to the top five countries amounted to 45.29 percent 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 trillion. This represent 81.23 percent of total export, this was followed by ‘Natural gas,’ with N1.015 trillion accounting for 8 percent and ‘Urea, whether or not in aqueous solution’ with N251.90 billion of total exports.

In terms of Imports (CIF), the top five trading partners were Singapore with goods valued at N5.092 trillion, China with N2.060 trillion, Belgium with N1.140 trillion, India with N908.59 billion and The United States of America with goods valued at N512.99 billion.

The values of imports from the top five countries amounted to N9.715 trillion representing a share of 68.86 percent of total imports. While the commodities with the largest values of imported products were ‘Tanks and other armoured fighting vehicles, motorised, whet’ worth ₦5.061 trillion, ‘Motor spirit, ordinary’ valued at ₦1.807 trillion and ‘Gas oil valued at ₦1.196 trillion.