Nigeria's Q3 2023 foreign trade skyrockets by 55%, the biggest jump in 38 quarters
With a trade surplus of ₦1.88 trillion in Q3 2023, Nigeria marked a 55% increase in foreign trade — the most significant leap in 38 quarters. This chart, spanning from Q1 2014 to Q3 2023, illustrates this progress.
China remains Nigeria’s largest import partner, accounting for ₦4.96T or 32.45% of total imports—more than double the U.S.'s share.
The United States holds second place in imports, contributing ₦2.16T (14.12%), while India, the Netherlands, and the UAE follow with smaller shares below 6%.
Spain tops Nigeria’s export market, receiving ₦2.47T worth of goods, representing 10.85% of total exports.
Europe features strongly among export partners, with Spain, France, and the Netherlands together absorbing nearly a quarter of Nigeria’s outbound trade.
Togo leads on both sides of trade, supplying ₦211.99B in imports and receiving ₦811.97B in exports, making it Nigeria’s strongest African partner by value.
South Africa ranks second, with imports of ₦115.15B and exports of ₦473.65B, reflecting deep bilateral trade ties.
Côte d’Ivoire also features prominently, sending ₦106.15B worth of goods to Nigeria while importing ₦408.97B, showing balanced engagement.
West Africa dominates Nigeria’s intra-African trade, with Togo, Côte d’Ivoire, and Ghana collectively accounting for a significant share of regional exports.
₦7.88 trillion worth of manufactured goods made up 51.6% of imports, underscoring Nigeria’s dependence on foreign industrial products.
Other petroleum oil products accounted for ₦2.79 trillion (18.2%) of imports, showing continued reliance on external energy supplies despite Nigeria’s oil-rich status.
₦1.72 trillion in raw material imports (11.3%) highlights the gap in local processing capacity.
Solid minerals (₦70.9 bn, 0.46%) and energy goods (₦150 mn, almost 0%) show almost no role in imports.
