In a previous report, we noted that no country is self-sufficient, be it in raw materials, technology, or finished goods. Countries around the world import goods and services from other countries. According to the report, Nigeria’s total import value hit ₦14,108.33 billion in Q4 of 2023.
But, just as import is important for Nigeria’s economy so is export. Exporting, which involves selling goods and services to foreign markets boosts economic growth, creates jobs, and ignites innovation.
According to the National Bureau of Statistics in its latest “Foreign Trade Statistics” Nigeria’s total export value reached ₦12,693.62 billion in the fourth quarter of 2023. This marks a 22.68% increase from the Q3 2023 level and a substantial 99.60% rise compared to the Q4 2022 value.
Exports by section revealed that Nigeria exported mainly ‘mineral products’ which amounted to ₦11,665.07 billion; followed by Vegetable products worth ₦266.38 billion and ‘Products of the chemical and allied industries’, valued at ₦266.32 billion.
Exports trade by region in Q4, 2023 shows that Nigeria exported goods mainly to Europe, and this accounts for 46.94% of total exports. Following closely, exports to Asia contributed 25.78% to the total, while exports to America constituted 16.71%.
However, exports to other African countries represented 9.93% of total exports, with a value of ₦1,260.94 billion. Of this figure, ₦686.76 billion worth of goods were exported to ECOWAS Member States.
Below are top 10 trading partners for Nigeria’s exports:
| Rank | Country of Origin | Value ( ₦) | % Share of Total exports |
|---|---|---|---|
| 1 | Netherlands | 1,910,468,868,265 | 15.05 |
| 2 | India | 1,101,467,574,268 | 8.68 |
| 3 | Spain | 1,030,086,365,595 | 8.11 |
| 4 | Canada | 907,644,018,589 | 7.15 |
| 5 | France | 799,769,987,109 | 6.30 |
| 6 | United States | 729,595,337,504 | 5.75 |
| 7 | Indonesia | 587,977,181,095 | 4.63 |
| 8 | Italy | 549,831,927,574 | 4.33 |
| 9 | South Africa | 543,713,159,846 | 4.28 |
| 10 | China | 408,988,108,914 | 3.22 |