Nigeria’s Trade Surplus Swells to N1.89trn in Q3 2023

By Bliss Okperan

Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post.

The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023.

Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in Africa, had a trade surplus of N1.89 trillion. In the second quarter of this year, the country posted a trade surplus of N1.3 trillion.

A trade surplus occurs when the value of exports is more than imports. In the case where the value of imports is more than exports, it is a trade deficit.

In the data released by the NBS, it was observed that total imports increased by 47.70 per cent from the N6.344 trillion in the preceding quarter.

The report listed Spain as Nigeria’s trade partner that received the highest exports, with a value of N1.274 trillion or 12.31 per cent of the country’s total exports.

It was followed by India with N1.015 trillion or 9.81 per cent, The Netherlands recorded N988.66 billion or 9.56 per cent, Indonesia posted N758.59 billion or 7.33 per cent, and France recorded N720.45 billion or 6.96 per cent.

As for the traded products, the largest export value in the third quarter of 2023 remained ‘Petroleum oils and oils obtained from bituminous minerals, crude,’ accounting for 82.50 per cent or N8.536 trillion.

In addition, ‘Natural gas, liquefied’ accounted for 9.82 per cent or N1.017 trillion, and ‘Urea, whether or not in aqueous solution’ contributed 1.06 per cent or N109.68 billion.

A look at the imports side showed that in Q3 of 2023, the top partner country of origin was China at N1.973 trillion or 23.33 per cent, while Belgium posted N996.65 billion or 11.78 per cent.

Further, India recorded N802.07 billion or 9.48 per cent, Malta recorded N561.37 billion or 6.64 per cent, and the United States of America recorded N502.92 billion or 5.95 per cent.