According to a report by the National Bureau of Statistics (NBS), Nigeria’s total trade with other countries soared to ₦18.8 trillion in the third quarter of 2023, marking a substantial 60.78% increase from the ₦6.4 trillion recorded in the second quarter of the same year.
However, the surge is attributed to the devaluation of the Nigerian naira, resulting in a higher numerical value against the dollar but a lower real value as goods priced in dollars become more expensive.
The report highlights that total exports were valued at ₦10.3 trillion, while total imports stood at ₦8.4 trillion. This represents a remarkable 74.36% increase in total exports compared to the corresponding quarter in 2022 (₦5.9 trillion).
Similarly, total imports witnessed a 47.70% surge compared to the second quarter of 2023 (₦5.7 trillion) and a 33.33% increase compared to the corresponding quarter of 2022 (₦6.3 trillion).
The NBS attributes the significant rise in both exports and imports during the third quarter of 2023 to increased trade activities within the period. This data underscores the dynamic nature of Nigeria’s trade landscape, influenced by currency fluctuations and broader economic factors.
