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Nigeria’s export rises by 60% to N10tn in Q3

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Nigerian Bureau of Statistics NBS

Nigeria’s export value increased by 60.78% quarter-on-quarter to N10.35 trillion in the third quarter of 2023.

According to the National Bureau of Statistics‘ ‘Foreign Trade in Goods Statistics (Q3 2023),’ total foreign trade increased to N18.80 trillion.

It said, “Nigeria’s total trade in the third quarter of 2023 stood at N18.80tn.

Exports totaled N10.35 trillion, while imports totaled N8.46 trillion.

Total exports climbed by 60.78 percent compared to the second quarter of 2023 (N6.44 trillion) and by 74.36 percent compared to the same quarter in 2022 (N5.93 trillion).

“Similarly, total imports increased by 47.70 percent compared to the value recorded in the second quarter of 2023 (N5.73 trillion) and by 33.33 percent when compared to the value recorded in the corresponding quarter of 2022 (N6.34 trillion).”

The increase in trade activity during the period was attributed by the statistics authority to the large increase in exports and imports in Q3 2023.

Nigeria’s top export destinations were Spain, India, the Netherlands, Indonesia, and France.

The majority of the country’s imports came from China, Belgium, India, Malta, and the United States of America.

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