Nigeria’s exports increased by 60%, with total trade reaching NOK 18 billion in the third quarter of 2023
Nigeria's total exports in the third quarter of 2023 increased by 60.78 percent, with Nigeria's total trade valued at N18,804.29 billion, equivalent to N103,46.60.
The National Bureau of Statistics revealed this on Monday in its latest external goods trade statistics (Q3 2023).
According to the report, total exports increased by 60.78 percent compared to the N6,435.15 billion recorded in the second quarter of 2023 and compared to the corresponding quarter of 2022 (N5,934.15 billion). and increased by 74,36%.
Meanwhile, Nigeria's total imports under investigation stood at N8,457.68 billion, an increase of 47.70 percent compared to N5,726.25 billion in the second quarter of 2023.
As a result, Nigeria recorded a positive trade balance in the third quarter of 2023.
“The significant increase in import and export values in the third quarter of 2023 compared to the previous quarter and the corresponding quarters was mainly due to the increase in trade activities during the period,” the report said. .
Source: dailypost.ng