Nigeria Grows Total Exports by 74% in 12 Months

Nigeria grew exports by more than 74% in the last 12 months, the latest data from the statistics office revealed. According to a report released by the National Bureau of Statistics, total trade in the third quarter of 2023 inched higher to ₦18,804.29 billion.

The breakdown showed that Nigeria’s exports activities conducted in the period printed at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion.

In 3 months, total exports increased by 60.78% in the third quarter of 2023 to ₦6,435.13 billion recorded in the second quarter of the year.

On a year-on-year basis, Nigeria’s exports which came at ₦10,346.60 billion represent an increase of 74.36% compared to the corresponding quarter in 2022 when total exports were valued at ₦5,934.15 billion.

Similarly, total imports increased by 47.70% compared to ₦5,726.25 billion recorded in the second quarter of 2023. On a year-on-year basis, imports rose by 33.33% when compared to ₦6,343.53 billion recorded in the corresponding quarter of 2022.

The statistics office said the significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by an increase in trade activities within the period.

Meanwhile, the value of re-export stood at ₦35.95 billion representing 0.35% of total exports in Q3, 2023. The top-ranked re-exported commodity was ‘Parts suitable for use solely or principal other with ₦10.19 billion.

This was followed by ‘Vessels and other floating structures for breaking up’ valued at ₦10.04 billion, ‘Lightvessels, fire floats, floating cranes, and other vessels not specified in 8905’ amounting to ₦5.77 billion.

In addition, were Aluminium waste and scrap valued at ₦1.50 billion, and ‘Parts of other gas turbines not specified’ valued at ₦1.12 billion. Ivory Coast, Gabon, Ghana, Cameroon, and South Korea were the top five re-export destinations respectively.

Analysis by trading partners in Q3, 2023, shows that Spain recorded the highest exports from Nigeria with a value of ₦1,274.07 billion or 12.31% of the country’s total exports, this was followed by India with ₦1,015.13 billion or 9.81%,

The Netherlands with ₦988.66 billion or 9.56%, Indonesia with ₦758.59 billion or 7.33%, France with ₦720.45 billion or 6.96% of total exports. Altogether, exports to the top five countries amounted to 45.98% of the total value of exports.

However, analysis by traded products shows that the largest export value in the third quarter of 2023 remained ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with ₦8,535.61 billion representing 82.50%.

This was followed by ‘Natural gas, liquefied’ with ₦1,016.45 billion accounting for 9.82%, and ‘Urea, whether or not in aqueous solution’ with ₦109.68 billion or 1.06% of total exports.

Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China which accounted for ₦1,973.34 billion or 23.33% of trades.  Naira Steadies as Banks Issue Update on FX Purchase

This was followed by imports from Belgium with ₦996.65 billion or 11.78%, India with ₦802.07 billion or 9.48%, Malta with ₦561.37 billion or 6.64% and the United States of America with ₦502.92 billion or 5.95% of total imports.

The values of imports from the top five countries amounted to ₦4,836.36 billion representing a share of 57.18% of total imports.

The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at ₦1,921.03 billion or 22.71%, ‘Gas oil’ with ₦736.66 billion or 8.71% and ‘Durum wheat (not in seeds)’ with value amounting to ₦331.76 billion or 3.92% of total imports.