In the third quarter of 2023, Nigeria experienced a remarkable 53.16% year-on-year increase in foreign trade, reaching a total of N18.80 trillion, according to the National Bureau of Statistics’ ‘Foreign Trade in Goods Statistics (Q3 2023)’ report released on Monday.

This surge was predominantly attributed to an 83.23% rise in crude oil revenue, reaching N8.54 trillion during the quarter, a significant jump from the N4.66 trillion recorded in the same period in 2022.

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The report highlighted a substantial growth in total exports by 60.78%, amounting to N10.35 trillion, driven by heightened trade activities.

Crude oil exports dominated, accounting for 82.50% of total exports at N8.54 trillion, while non-crude oil exports stood at N1.81 trillion, representing 17.50% of total exports, with non-oil products contributing N677.57 billion.

On the import front, the total value of imports stood at N8.46 trillion, constituting 44.98% of total trade.

This reflected a 47.70% increase over the preceding quarter’s value of N5.73 trillion and a 33.33% rise compared to the corresponding quarter in 2022.

Nigeria’s trade balance for the quarter was N1.89 trillion.

The report highlighted Spain, India, The Netherlands, Indonesia, and France as the top export destinations, accounting for 45.98% of the total export value.

In contrast, China, Belgium, India, Malta, and the United States were the primary sources of imports, representing 57.18% of the total import value at N4.84 trillion.

The largest exported product in Q3 2023 remained ‘Petroleum oils and oils obtained from bituminous minerals, crude,’ contributing 82.50% of total exports. Notable imports included ‘Motor Spirit Ordinary,’ ‘Gas oil,’ and ‘Durum wheat (not in seeds).’

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While providing an update on the 2023 budget in the 2024 fiscal framework, the Federal Government acknowledged that oil production stood at approximately 1.33+ million barrels per day, below its 1.69mbpd target for the year.