In the first half of 2023, Nigeria’s foreign exchange earnings experienced growth, resulting in a foreign trade surplus of N2.22 trillion. The National Bureau of Statistics reported that Nigeria’s total import bill amounted to N11.29 trillion, while total exports stood at N13.50 trillion. This indicates that the country earned N2.22 trillion in foreign exchange during this period.
Although foreign trade fell by 12.68 percent to N24.79 trillion in H1 2023 from N28.39 trillion in the corresponding period of 2022, the country’s surplus surged by an impressive 258.20 percent compared to the N618.81 billion recorded in the first two quarters of 2022.
The NBS revealed that in Q1 2023, Nigeria’s total trade was N12.74 trillion, with exports at N7.02 trillion and imports at N5.73 trillion. This represents an 8.15 percent increase in exports compared to the previous quarter (N6.49 trillion) but a 5.20 percent decline compared to the same quarter in 2022 (N7.40 trillion). Similarly, imports increased by 2.99 percent from the previous quarter (N5.56 trillion) but decreased by 10.37 percent compared to the same quarter in 2022 (N6.39 trillion).
The bulk of Nigeria’s foreign exchange earnings, totaling N10.74 trillion, came from crude oil. The country’s expenditure was primarily on machinery and transport equipment (N3.25 trillion) and mineral fuels (N3.74 trillion). Nigeria’s earnings from crude oil have been steadily rising due to enhanced production volumes, a result of coordinated efforts by security agencies and oil operators.