Oil exports account for 82.50% of Nigeria’s foreign trade in Q3/2023 —NBS

Oil exports contributed up to 82.50% of Nigeria’s foreign trade in Q3/2023, a recent Foreign Trade Statistics Report from the National Bureau of Statistics (NBS) has disclosed.

During the third quarter of 2023, the majority of Nigeria’s export trade was dominated by crude oil exports. These crude oil exports were valued at ₦8,535.61 billion, making up about 82.50% of the total exports during that period.

Specifically focusing on crude oil exports in Q3/2023, they stood at ₦8,535.61 billion, indicating a substantial increase of 70.52% when compared to the value recorded in Q2, 2023 (₦5,005.71 billion).

Moreover, this figure marked an 83.23% increase when compared to the same period in 2022, which was ₦4,658.30 billion.

READ ALSO:Reps set up committee to fight crude oil theft

Moving to other sectors, the report indicated that the export value of energy goods in Q3, 2023 was ₦26.57 billion, showcasing a significant increase of 66.51% compared to the value recorded in Q2, 2023 (₦15.96 billion). Similarly, this value saw an 85.10% increase when compared to Q3, 2022 (₦14.36 billion).

Also, the value of solid minerals exports in Q3, 2023 was estimated at ₦41.61 billion, showing an increase of 22.07% over the value recorded in Q2, 2023 (₦34.09 billion). Compared to the corresponding quarter in 2022, this figure represented an 85.19% increase from ₦22.47 billion.

It would be recalled that that oil revenues remain Nigeria’s main source of foreign exchange and the continuous oil importation hampers forex availability and until this changes the country will keep experiencing volatility in that regard.

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