Nigeria’s export value has increased significantly under the administration of President Bola Tinubu, according to new information from the National Bureau of Statistics. The third quarter of 2023 saw a 60.78% increase in exports, amounting to N10.35 trillion.
According to the “Foreign Trade in Goods Statistics (Q3 2023)” report released by the NBS, the total foreign trade increased to N18.80 trillion. This figure includes N10.35 trillion in exports and N8.46 trillion in imports.
The report highlighted that the total exports increased by 60.78% compared to the second quarter of 2023, which recorded N6.44 trillion. This also marked a 74.36% increase compared to the corresponding quarter in 2022, which stood at N5.93 trillion.
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On the other hand, total imports also saw a substantial increase of 47.70% compared to the second quarter of 2023, which was 5.73 trillion and a 33.33% increase from the N6.34 trillion recorded in the corresponding quarter of 2022.
According to the National Bureau of Statistics, the large increase in both exports and imports in the third quarter was due to an increase in trade operations, demonstrating the country’s expanding economic strength.
During this time, the Tinubu administration made the economic decision to lift the import prohibition on 43 previously banned commodities.
Nigeria’s largest export partners included Spain, India, the Netherlands, Indonesia, and France. Nigeria, on the other hand, imported the most from China, Belgium, India, Malta, and the United States of America.
