Tuesday, September 26, 2023

Nigeria’s foreign trade volume hits N13.3 trillion: NBS

Nigerian export trade was mainly dominated by crude oil which amounted to N4.02 trillion (78.47 per cent) of total export in Q3.

• December 6, 2021
Dollar and Naira

Nigeria’s total merchandise trade rose to N13.3 trillion in Q3 of 2021, representing 10.43 per cent increase over N12.02 trillion recorded in Q2, Simon Harry, the Statistician-General of the Federation, has said.

Mr Harry announced this on Monday in Abuja during a media conference on the “Foreign Trade in Goods Statistics for Quarter Three, 2021”.

He said of the N13.3 trillion, export trade value was N5.1 trillion, while import trade was valued at N8.1 trillion, resulting to a negative trade balance of N3.02 trillion.

According to him, this was majorly due to increase in import of Premium Motor Spirit (petrol) with N1.05 trillion from N782.46 billion, Gas Oil with N225.63 billion from N152.53 billion and other items.

“Comparing third quarter to second quarter, total trade grew by 10.43 per cent from N12.02 trillion, export trade grew by one per cent from N5.07 trillion.

“Import trade also grew by 17.32 per cent from N6.95 trillion, while trade balance recorded a deficit of 61.62 per cent from N1.87 trillion in quarter two depicting a decline,” he said. 

The statistician-general said that in terms of exports, Nigerian export trade was mainly dominated by crude oil which amounted to N4.02 trillion (78.47 per cent) of total export in the third quarter.

This was followed by natural gas, liquefied with N487.49 billion (9.50 per cent), floating or submersible drilling platforms with N163.70 billion (3.19 per cent) and Urea, whether or not in aqueous solution with N107.17 billion (2.08 per cent).

On the other hand, imports were mainly petrol valued at N1.05 trillion (12.91 per cent), durum wheat valued at N315.17 billion (3.87 per cent), gas oil N225.63 billion (2.77 per cent) and used vehicles N185.41 billion (2.27 per cent).

Mr Harry said in terms of trading partners, the top five major trading partners in export trade during the period under review were India with N758.1 billion, Spain N627.01 billion, Italy N446.04 billion, France N363.23 billion and Netherlands with N242.49 billion.

Similarly, the top import trading partners were China with N2.44 trillion, India N710.35 billion, United States N599.12 billion, Netherlands N554.23 billion and Belgium N434.12 billion.

The report said that major traded agricultural products were good fermented Nigerian cocoa beans, superior quality raw cocoa beans and sesame seeds.

Others were cashew nuts in shell, other frozen shrimps and prawns, shelled cashew nuts, Brazil nuts, in shell and frozen rock lobster and other sea crawfish. 


We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State


Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Ballot box


Group tasks INEC on credible Imo guber poll

CTYP national coordinator, Chukwuemeka Emmanuel, said this at a news conference on Tuesday in Abuja.


Group urges Niger Delta states to domesticate ministry of marine and blue economy

He said public-private partnership was the best approach to reviving the moribund seaports, saying the time to take those steps was now.

Governor Caleb Mutfwtang


We’ll ramp up efforts to curb child trafficking: Plateau Govt.

He said that the council resolved to strengthen relevant government agencies to perform their constitutional duties of checking the menace.

Tajudeen Abbas

Heading 1

Speaker Abbas begs labour unions not to embark on strike

“We must, therefore, do everything within our powers to champion causes towards addressing the yearnings of our people,” he said.

Godswill Akpabio


Akpabio calls for unity among senators to improve living conditions of Nigerians

“As it is through such discourse that we can achieve the best outcomes for all Nigerian citizens,’’ Mr Akpabio said.

Flood in Kwara Credit: Daily post


NEMA distributes relief materials to 18,904 households affected by flood in Anambra

The items distributed were sewing machines, grinding machines, water pump machines, cooking stoves, cooking pots, mattresses, mosquito nets, mats, soap, buckets, and blankets.