In the latest Foreign Trade Statistics released by the National Bureau of Statistics (NBS), it was revealed that petroleum oils and oils obtained from bituminous mineral crude dominated Nigeria’s exports in the fourth quarter of 2023.
Representing a staggering 81.23% of the country’s exports during this period, this sector emerged as the largest contributor to Nigeria’s export economy.
The data showcased the prominence of ‘Petroleum oils and oils obtained from Bituminous minerals crude’ as the primary export, with a substantial value of N10,310.70 billion. Following closely behind were ‘natural gas’ and ‘Urea, whether or not in aqueous solution,’ with N1,015.84 billion (8.00% of total exports) and N251.90 billion (1.98% of total exports), respectively.
Overall, total exports experienced a notable increase of 28%, reaching N12,693.62 billion compared to the previous quarter’s N10,346.60 billion. Meanwhile, imports also surged by 56.04% compared to the third quarter of 2023, amounting to N9,041.24 billion.
These statistics underscored the robust performance of Nigeria’s foreign trade sector in the fourth quarter of 2023, with the total foreign trade reaching N26,801.95 billion during this period.
