Nigeria records N1.888tr trade surplus in Q2, says NBS.

Nigeria records N1.888tr trade surplus in Q2, says NBS.

The National Bureau of Statistics (NBS) has said Nigeria recorded trade surplus of N1.888 trillion in the second quarter of this year (Q2 2023).

According to its document, tagged: Foreign Trade in Goods Statistics (Q3 2023), the total trade in the period under review was N18.804 trillion.

The report noted that the country exported goods valued at N10.346 trillion while it imported goods worth N8.457 trillion.

NBS said: “Total trade in the third quarter of 2023 stood at N18,804.29 billion. Exports were valued at N10,346.60 billion while total imports stood at N8,457.68 billion.” 

The document explained that the total exports increased by 60.78 per cent, compared to the amount recorded in the second quarter of 2023 (N6.435.13 trillion), as well as by 74.36 per cent, compared to the corresponding quarter in 2022 (N5.934.15 trillion). 

According to NBS, total imports increased by 47.70 per cent, compared to the value recorded in the second quarter of 2023 (N5,726.25 billion) and by 33.33 per cent, when compared to the value recorded in the corresponding quarter of 2022 (N6,343.53 billion).