Nigeria’s export partners play a crucial role in the country’s economy, influencing its trade balance, economic growth, and overall development. The country has diverse trading partners across the globe, seeing as it offers different products. Coincidentally, Nigeria’s trade has seen to a continuous increase in the country’s GDP.

Nigeria’s trade in Q3 of 2023 increased substantially when compared to Q2’s data. This growth was brought about by an increase in trade activities, according to the country’s National Bureau of Statistics (NBS).

In the NBS’s Foreign Trade in Good Statistics report the figures published revealed a healthy trade balance between the country’s imports and exports.

“Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion. Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion),” the report reads.

Source: BI