In the first half of the year, according to the bureau, Nigeria’s exports totalled N13.5 trillion and total imports stood at N11.3 trillion — which gives a trade surplus of N2.22 trillion.
The nation’s total trade was N12.05 trillion in Q1 — higher than the value recorded in the corresponding period of 2022. “Likewise, in the period under review, total imports increased by 2.99% compared to the value recorded in the first quarter of 2023 but declined by 10.37% when compared to the value recorded in the corresponding quarter of 2022 .”A breakdown of the agency’s report shows that the top five export destinations in Q2, 2023 were the Netherlands with N788.85 billion , and the United States of America attracting N718.63 billion .Indonesia followed with a share of N550.18 billion , France got N540.
“The largest export value in the second quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,586.29 billion representing 79.63% this was followed by ‘Natural gas, liquefied’ with N639.37 billion accounting for 9.11%, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.16% of total exports.”
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