Africa: Nigeria Achieves Impressive N1.888 Trillion International Trade Surplus in Q2 2023, Reports National Bureau of Statistics

On Monday, December 4, the National Bureau of Statistics (NBS) reported that Nigeria achieved a trade surplus of N1.888 trillion in the second quarter of 2023.

The NBS document, titled “Foreign Trade in Goods Statistics (Q3 2023),” revealed that the total trade during this period amounted to N18.804 trillion.

According to thenationonlineng.net, the report noted that the country exported goods valued at N10.346 trillion while it imported goods worth N8.457 trillion.

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NBS said: “Total trade in the third quarter of 2023 stood at N18,804.29 billion.

Exports were valued at N10,346.60 billion while total imports stood at N8,457.68 billion.”

READ: Africa: China, Netherlands, US lead as Nigeria’s biggest import sources with N6.85 trillion, increase by 54% y/y in Q1 2021-NBS

The document explained that the total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (N6.435.13 trillion) as well as by 74.36% compared to the corresponding quarter in 2022 (N5.934.15 trillion).

According to NBS, similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (N5,726.25 billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (N6,343.53 billion).