The Nigeria Bureau of Statistics (NBS) has stated that N5 trillion worth of tanks and armoured fighting vehicles were imported into the country in the fourth quarter of 2023, majorly from Singapore.
In a report titled ‘Foreign Trade in Goods Statistics,’ the NBS said Nigeria recorded a total of N26.8tr in trade transactions with other countries.
The report which was released yesterday said goods worth N12.69trn were exported out of the country while N14.1trn worth of goods were imported into the country.
Report has it that the trade volume which is the highest recorded in recent years was due to the devaluation of the naira. Also, the report said Nigeria bought agricultural products worth N711.1bn while N463.9bn of the product was sold to other countries.
It added that on an annual basis, total trade in 2023 was N71.8trn of which imports amounted to N35.9trn and exports were recorded at N35.9trn.
“Total exports in the quarter under review increased by 22.68 per cent when compared to the amount recorded in the third quarter of 2023 (N10.3trn) as well as by 99.60 per cent compared to the corresponding quarter in 2022 (N6.3trn). In the same vein, total imports increased by 56.04 per cent compared to the value recorded in the third quarter of 2023 (N9trn) and by 163.08 per cent when compared to the value recorded in the corresponding quarter of 2022 (N5.3trn).”
It identified the top five export destinations in Q4, 2023 as The Netherlands with N1.9trn worth of goods or 15.05 per cent; India with N1.1trn or 8.68 per cent, Spain with N1trn, or 8.11 per cent, Canada with N907.6bn or 7.15 per cent, France with N799.7bn or 6.30 per cent of total exports.
“Altogether, exports to the top five countries amounted to 45.29 per cent of the total value of exports. The largest exported product in the fourth quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10.3trn representing 81.23 per cent, this was followed by ‘Natural gas,’ with N1trn accounting for 8.00 per cent, and ‘Urea, whether or not in aqueous solution’ with N251.9bn or 1.98 per cent of total exports.”
For imports, it said the top five trading partners were Singapore with goods valued at N5trn or 36.09 per cent, China with N2trn or 14.61 per cent, Belgium with N1.1trn or 8.09 per cent, India with N908.5bn or 6.44 per cent and The United States of America with goods valued at N512.9bn or 3.64 per cent.
“The values of imports from the top five countries amounted to N9.7trn, representing a share of 68.86 per cent of total imports.”
While the commodities with the largest values of imported products were ‘Tanks and other armoured fighting vehicles, motorised, whet’ worth N5.06trn or 35.87 per cent, ‘Motor spirit, ordinary’ valued at N1.8bn or 12.81 per cent and ‘gas oil valued at N1.1trn or 8.48 per cent.
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