Nigeria has experienced a significant surge in its trade surplus during the third quarter of 2023, marking a positive economic development, as per data released by the National Bureau of Statistics (NBS) and analyzed by Business Post.
In the period under review, the total value of exports reached N10.347 trillion, while imports stood at N8.458 trillion, resulting in a total trade value of N18.802 trillion. This figure represents a remarkable 60.78% increase compared to the N6.435 trillion achieved in the second quarter of 2023.
The country, often recognized as the largest economy in Africa, recorded a trade surplus of N1.89 trillion between July and September 2023, showcasing a noteworthy improvement from the N1.3 trillion surplus posted in the second quarter of the same year.
A trade surplus occurs when the value of exports exceeds that of imports, indicating a robust trade performance. The data released by the NBS revealed a 47.70% increase in total imports from the preceding quarter.
Spain emerged as Nigeria’s top trade partner, receiving the highest exports with a value of N1.274 trillion or 12.31% of the country’s total exports. India followed closely with N1.015 trillion or 9.81%, The Netherlands with N988.66 billion or 9.56%, Indonesia with N758.59 billion or 7.33%, and France with N720.45 billion or 6.96%.
In terms of exported products, ‘Petroleum oils and oils obtained from bituminous minerals, crude’ retained the highest export value, constituting 82.50% or N8.536 trillion. ‘Natural gas, liquefied’ accounted for 9.82% or N1.017 trillion, and ‘Urea, whether or not in aqueous solution’ contributed 1.06% or N109.68 billion.
On the imports side, China emerged as the top partner country of origin, accounting for N1.973 trillion or 23.33%. Belgium followed with N996.65 billion or 11.78%, India with N802.07 billion or 9.48%, Malta with N561.37 billion or 6.64%, and the United States of America with N502.92 billion or 5.95%.
This robust trade performance reflects positively on Nigeria’s economic resilience and competitiveness on the global stage, signaling potential avenues for sustained growth and development.
