Nigeria’s Foreign Trade Surges by 37.2% to N71.88 Trillion in 2023

By Milcah Tanimu

In 2023, Nigeria witnessed a remarkable surge in its total foreign trade, reaching N71.88 trillion, reflecting a substantial increase of 37.2% compared to the N52.38 trillion recorded in 2022. This encouraging growth is outlined in the fourth-quarter foreign trade report released by the National Bureau of Statistics (NBS).

1. Q4 2023 Foreign Trade Overview:

• Total trade in the fourth quarter of 2023 amounted to N26.80 trillion.
• Exports contributed N12.69 trillion.
• Imports accounted for N14.10 trillion.

1. Exports Performance:

• Total exports in Q4 2023 grew by 22.68% compared to Q3 2023, reaching N12.69 trillion.
• A substantial increase of 99.60% was observed compared to the same quarter in 2022, where exports were valued at N6.35 trillion.

1. Imports Surge:

• The total import value for Q4 2023 soared to N14.10 trillion, marking a significant 163.08% increase from Q4 2022’s N5.36 trillion.
• The surge was largely influenced by the importation of ‘Tanks and other armored fighting vehicles, motorized, whet,’ amounting to N5.06 trillion during the quarter under review.

1. Agricultural Imports:

• Agricultural goods imports in Q4 2023 were valued at N711.14 billion, reflecting a 10.48% increase from Q3 2023 and a substantial 59.87% rise from Q4 2022.

1. Raw Materials and Other Oil Products Imports:

• Raw material imports in Q4 2023 were valued at N966.80 billion, marking a 1.67% increase from Q3 2023 and a 72.87% rise from Q4 2022.
• Imports of other oil products were valued at N3.34 trillion in Q4 2023, showing a 2.61% decrease from Q3 2023 but a robust 78.22% increase from Q4 2022.

1. Export Categories:

• Agricultural goods exports in Q4 2023 were valued at N463 billion, marking a 110.91% increase from Q3 2023 and a significant 171.97% rise from Q4 2022.
• Raw material goods exports reached N329.41 billion in Q4 2023, indicating a 74.09% increase from Q3 2023 and a 56.28% rise from Q4 2022.

The report signals positive momentum in Nigeria’s foreign trade, demonstrating growth across various sectors.