Nigeria Records N1.414 Trillion Trade Deficit in Q4 2023 Amid Rising Import Figures

Nigeria experienced a significant trade deficit of N1.414 trillion in the fourth quarter of 2023 (Q4 2023), with total trade valued at N26,801.95 billion. This imbalance was primarily driven by imports totaling N14,108.33 billion, surpassing exports valued at N12,693.62 billion.

Despite the quarterly deficit, Nigeria maintained a balanced annual trade sheet, with total trade reaching N71,880.01 billion. Notably, imports accounted for N35,917.62 billion, slightly exceeding exports at N35,962.39 billion.

The latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics revealed key insights into Nigeria’s trade dynamics. The report highlighted significant import commodities, including tanks and armoured vehicles, motor spirit, and gas oil.

Quarterly exports witnessed a substantial increase of 22.68% compared to the previous quarter and a remarkable 99.60% surge compared to the same period in 2022. Similarly, imports surged by 56.04% and 163.08% compared to the previous quarter and the corresponding quarter of 2022, respectively.

Re-exports contributed minimally, accounting for 0.40% of total exports, with top destinations including Malaysia, Cameroon, and Italy. Meanwhile, exports to key partners such as the Netherlands, India, and Spain constituted a significant portion of total export value.

The report also provided detailed analyses of import categories, including agricultural goods, raw materials, solid minerals, and manufactured goods. Import values for manufactured goods notably spiked, driven primarily by the importation of armoured vehicles.

Nigeria’s trade dynamics underscore the need for strategic measures to address the trade deficit and promote export diversification, ensuring sustainable economic growth and stability.

Quest: Cris-Edesiri Odjomah

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