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Nigeria foreign trade surged by 37.2% to N71.88trn in Q4 2023

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Nigeria’s total foreign trade increased by 37.8 per cent to N71.88 trillion in the fourth quarter of 2023, from N52.38 trillion recorded in 2022.

The National Bureau of Statistics, NBS, disclosed this in its latest report titled, ‘Foreign Trade in Goods Statistics’ (Q4 2023).

In the fourth quarter of 2023, Nigeria’s total trade reached N26.81.95 trillion. Of this, exports contributed N12.69 trillion, while imports accounted for N14.10 trillion.

The total exports in the quarter under review increased by 22.68 per cent when compared to the amount recorded in the third quarter of 2023 (N10,346.60 billion) as well as by 99.60 per cent compared to the corresponding quarter in 2022 (N6,359.61 billion).

In the same vein, total imports rose by 56.04 per cent compared to the value recorded in the third quarter of 2023 (N9,041.24 billion) and by 163.08 per cent when compared to the value recorded in the corresponding quarter of 2022 (N5,362.83 billion).

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