In the third quarter of 2023, Nigeria achieved a remarkable foreign trade surplus, recording N1.89 trillion amidst a total trade volume of N18.8 trillion. This is according to the latest report from the National Bureau of Statistics (NBS).
Notably, imports amounted to N8.46 trillion, while the country’s exports surged to N10.35 trillion during this period, marking a significant 60.78% increase from the previous quarter and a substantial 74.36% rise compared to Q3, 2022.
Leading this surge were the top seven exported goods, showcasing the robustness of Nigeria’s international trade landscape. Here is a closer look at the key contributors to this impressive export performance:
Petroleum Oil Dominance: Nigeria’s petroleum oil exports reached a staggering N8.53 trillion, constituting a substantial 82.5% of total exports in Q3. This figure reflects a notable 53.63% increase from the preceding quarter.
Natural Gas Expansion: The country’s natural gas exports recorded a notable increase, reaching N1.01 trillion, representing about 9.82% of total exports in the third quarter. This marked a significant 58.99% surge compared to the second quarter of 2023.
Urea: Nigeria experienced a 33.41% increase in urea exports, rising from N81.21 billion in Q2 to N109.68 billion in Q3, contributing 1.06% to total exports during the period.
Other Petroleum Gases: Despite constituting a modest 0.90% of total exports, other petroleum gases in a gaseous state saw a commendable increase from N71.73 billion in the second quarter to N92.95 billion in Q3, marking a 29.5% rise.
Cocoa Bean: Nigeria’s cocoa bean exports amounted to N42.24 billion in the third quarter, representing 0.41% of total exports during this period, showing an increase from N30.79 billion in Q2.
Floral Flourish: Other cut flowers and ornamental flowers witnessed a remarkable 82.69% increase in exports, reaching N36.32 billion in Q3, up from N19.88 billion in Q2.
Unwrought Aluminum Alloys: The only manufactured goods in the top 7 exports, Nigeria exported N27.49 billion worth of unwrought aluminum alloys in the third quarter, marking a 24.72% increase from the N22.04 billion exported in the second quarter.
