In a remarkable economic upswing Crude Oil Revenue Soars, Nigeria’s foreign trade witnessed an impressive surge of 53.16% year-on-year, reaching N18.80 trillion in the third quarter of 2023. This substantial growth was fueled by an astounding 83.23% increase in crude oil revenue, which soared to N8.54 trillion during the quarter, compared to N4.66 trillion in the same period of 2022.
The National Bureau of Statistics’ ‘Foreign Trade in Goods Statistics (Q3 2023)’ report, released on Monday, highlighted the robust expansion in trade activities during the period. Total exports experienced a substantial boost, rising by 60.78% to N10.35 trillion.
The dominance of Crude Oil Revenue Soars exports was evident, constituting 82.50% of total exports at N8,535.61 billion. Non-crude oil exports contributed N1.81 trillion, representing 17.50% of total exports, with non-oil products contributing N677.57 billion or 6.55%.
On the import side, the share of total imports accounted for 44.98% of total trade, amounting to N8.46 trillion in Q3 2023. This indicated an increase of 47.70% over the preceding quarter and 33.33% over the corresponding quarter of 2022.
Nigeria’s trade balance stood at N1.89 trillion, and the top five export destinations included Spain (N1.27 trillion), India (N1.02 trillion), The Netherlands (N988.66 billion), Indonesia (N758.59 billion), and France (N720.45 billion), collectively representing 45.98% of the total value of exports.
In terms of imports, China led with N1.97 trillion, followed by Belgium (N996.65 billion), India (N802.07 billion), Malta (N561.37 billion), and the United States of America (N502.92 billion), totaling N4.84 trillion and accounting for 57.18% of total imports.
The report also emphasized the impact of the recent devaluation of the naira on exports. With Nigeria facing challenges in meeting its oil production targets, the Minister of State for Petroleum Resources, Heineken Lokpobiri, highlighted the importance of increasing production to boost revenue and fund strategic national projects.
Despite the challenges in the oil sector, Nigeria’s foreign trade has experienced significant growth, marking a positive economic trend in the third quarter of 2023.
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