Nigeria Records N1.4 Trillion Trade Deficit In Q4’23

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The National Bureau of Statistics, NBS, today said the country recorded a N1.4 trillion trade deficit in the fourth quarter of 2023 (Q4’23).

According to NBS, the value of exports stood at N12.69 trillion while the value of imports was N14.1 trillion.

NBS stated:” In the fourth quarter of 2023, Nigeria’s total merchandise trade stood at ₦26.8 trillion in Q4’23, indicating an increase of 38.24 per cent over the value recorded in Q3’23 and by 128.64 per cent when compared to the value recorded in Q4’22.

“The disaggregation of total trade reveals that exports stood at ₦12.69 trillion while imports were valued at ₦14.1 trillion.

“Further analysis reveals that 47.36 per cent of total trade was attributed to export trade in Q4’23.

‘Export in the fourth quarter of 2023 was dominated by crude oil valued at ₦10.31 trillion representing 81.23 percent of total exports, while the value of non-crude oil exports stood at ₦2.38 trillion or 18.77 percent of total exports, of which non-oil products contributed ₦1.09 trillion representing 8.63 percent.

“On the other hand, total imports stood at ₦14.1 trillion in Q4’23, indicating an increase of 56.04 per cent and 163.08 per cent over the value recorded in the preceding quarter and the corresponding period of 2022, respectively.

“The share of imports of total trade in the fourth quarter of 2023 accounted for 52.64 per cent of total trade, resulting in a negative trade balance of ₦1.41 trillion.

“This was followed by imports from Europe with ₦3.4 trillion or 24.3 percent, America with ₦954.99 billion or 6.77 per cent, Africa with ₦241.83 billion or 1.72 per cent and Oceania with ₦27.06 billion or 0.19 per cent Imports from ECOWAS countries accounted for ₦32.74 billion or 0.23 per cent of the value of total imports.”