Nigeria saw a 37.2% increase in its overall foreign trade in 2023 compared to 2022, rising from N52.38 trillion to N71.88 trillion.
This is in line with the NBS‘s fourth-quarter international trade data.
Nigeria’s overall commerce in the fourth quarter of 2023 was N26.80 trillion. Of this, N12.69 trillion came from exports and N14.10 trillion from imports.
Compared to the third quarter of 2023, when total exports were valued at N10.34 trillion, they increased by 22.68% in the reviewed quarter and by 99.60% when compared to the same quarter in 2022, when total exports were valued at N6.35 trillion.
Q4 imports
The overall value of imports for Q4 2023 was N14.10 trillion, up 163.08% from N5.36 trillion in the corresponding quarter of 2022.
The importation of “Tanks and other armoured fighting vehicles, motorised, whet”—which totaled N5.06 trillion during the quarter under review—is primarily responsible for this increase.
Imports of agriculture
Imports of agricultural items totaled N711.14 billion in the fourth quarter of 2023, up 10.48% from N643.68 billion in the third quarter and 59.87% from N444.82 billion in the same period the previous year.
Imports of raw materials totaled N966.80 billion during the fourth quarter of 2023, up 1.67% from N950.93 billion in the third quarter of 2023 and 72.87% from N599.25 billion in the fourth quarter of 2022.
Other oil product imports were valued at N3.34 trillion in the third quarter of 2023, down 2.61% from N3.43 trillion in the same period the previous year but up 78.22% from N1.87 trillion in the same quarter of 2022.
Q4 exports
With a total value of N12.69 trillion in Q4 2024, exports increased by 22.68% from N10.34 trillion in the third quarter of 2023 and by 99.60% from N6.35 trillion in the fourth quarter of 2022.
The value of agricultural items exported during the reviewed quarter was N463 billion, up 110.91% from N219.99 billion in the third quarter of 2023 and 171.97% from N170.59 billion in the fourth quarter of 2022.
In the fourth quarter of 2023, the value of exports of raw material items reached N329.41 billion, up 74.09% from N189.22 billion in the third quarter and 56.28% from N210.78 billion in the fourth quarter of 2022.