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Record 60% Growth in Nigeria’s Exports, as Total Trade Reaches N18bn in Q3 2023

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In Q3 2023, Nigeria experienced a significant increase in total exports, which soared by 60.78% to a value of N10,346.60. The country’s total trade also surged to N18,804.29 billion, as revealed by the latest Foreign Trade in Goods Statistics (Q3 2023) from the National Bureau of Statistics.

Compared to the second quarter of 2023, the total exports saw a substantial rise of 60.78%, from N6,435.15 billion. Additionally, there was a 74.36% increase from the corresponding quarter in 2022 (N5,934.15 billion).

Meanwhile, Nigeria’s total imports for the same period amounted to N8,457.68 billion, reflecting a 47.70% surge from the value recorded in Q2 2023, which stood at N5,726.25 billion. As a result, Nigeria achieved a positive trade balance in Q3 of 2023.

The report highlighted that the notable escalation in exports and imports during the third quarter of 2023, in comparison to previous periods, was driven by increased trade activities within the given timeframe.

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