For a very long time, Nigeria has not been able to generate more revenue the world of export.
Nigeria has been heavily reliant on import, failing to match import expenditure with export revenue generation.
A situation that has choked the naira, weakening the currency on the exchange rate platform.
That tide is gradually changing.
“They say you can’t keep doing the same thing, and expect to get a different result.”
For a long time now, there has been a clamor for a change in our approach towards economic growth.
One area where experts have said Nigeria is not doing enough is that of export.
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Today, that narrative seems to be changing, with the new revelation from the foreign trade report of the Nigeria Bureau of Statistics.
Nigeria’s Total Exports Grew To ₦23.3trn In 9 Months
The Bureau revealed that Nigeria recorded a ₦3.5 trillion trade surplus between January and September of 2023.
NBS made this known in its foreign trade report for the third quarter (Q3) of 2023 on Monday.
According to NBS, “In nine months Nigeria’s total exports worth grew to ₦23.3 trillion while imports stood at ₦19.7 trillion, which is a trade surplus of ₦3.5 trillion
Trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.
NBS said, “On foreign trade for Q1 2023, total exports were ₦6.49 trillion, and imports value was ₦5.56 trillion.
Nigeria’s total foreign trade was ₦12.05 trillion in Q1, which is higher than ₦7.86 trillion recorded in the same period (Q1) of 2022.
In Q2 2023, the country’s entire trade stood at ₦12.16 trillion, with total exports at ₦6.44 trillion and imports amounting to ₦5.73 trillion.
In Q3 2023, there was an improvement as the total trade stood at ₦18.80 trillion, with exports and imports pegged at ₦10.35 trillion and ₦8.46 trillion respectively.
“Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion.
Export Is Soaring
Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion,” the report reads.
“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 same quarter in 2022 (₦5,934.15 billion).
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“Similarly, total imports increased by 47.70% compared to the value recorded in Q2 of 2023 (₦5,726.25 billion)
It increased by 33.33% when compared to the value recorded in the same quarter of 2022 (₦6,343.53 billion).”
