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Nigeria’s foreign trade surged by 24.9% to N69.81trn in 2023

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Nigeria’s total foreign trade, including exports and imports, surged by 24.9 per cent yearly, increasing to N69.81 trillion in 2023.

This is according to combined reports by the National Bureau of Statistics quarterly foreign trade data.

The figure represents a 24.9 per cent increase compared to the N52.4 trillion recorded in 2022.

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A quarter-by-quarter breakdown showed that the entire Foreign trade for Q1 stood at N12.05 trillion, total exports were N6.49 trillion, while imports value was N5.56 trillion.

In Q2 2023, the country’s entire trade stood at N12.16 trillion, with total exports at N6.44 trillion and imports amounting to N5.73 trillion.

In Q3 2023, there was an improvement as the total trade stood at N18.80 trillion, with exports and imports totalling N10.35 trillion and N8.46 trillion, respectively.

In the fourth quarter of 2023, Nigeria’s total trade reached N26.81.95 trillion. Exports contributed N12.69 trillion, and imports accounted for N14.10 trillion.

In the referenced period, total exports stood at N35.39, while imports were N34.42 trillion.


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