Nigeria Q3 2023 Trade



In Q3 2023, Nigeria's foreign trade increased by 53.16% YoY to N18.80tn, driven by an 83.23% surge in crude oil revenue to N8.54tn. Total exports rose by 60.78% to N10.35tn, with crude oil dominating at 82.50%. Imports, constituting 44.98% of total trade, amounted to N8.46tn, up 47.70% from the preceding quarter. The trade balance stood at N1.89tn. Spain, India, The Netherlands, Indonesia, and France were the top export destinations, while China, Belgium, India, Malta, and the USA were major import sources, totaling N4.84tn. Notably, petroleum oils accounted for 82.50% of exports, while motor spirit, gas oil, and durum wheat were significant imports. Despite challenges in oil production, exports rose, potentially influenced by the naira's recent devaluation.

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