Nigeria recorded N927.2 billion in trade surplus for first quarter of 2023

Nigeria achieved a trade surplus of N927 billion between January and March 2023, according to the National Bureau of Statistics’ (NBS) Foreign Trade in Goods Statistics report for Q1 2023.

The research claims that Nigeria’s trade surplus increased in the first quarter of 2023, pointing to a good development in the nation’s foreign trade activity. According to NBS data, Nigeria’s overall exports were N6.49 trillion, while its total imports were N5.56 trillion

As a result, there was a N927.2 billion trade surplus. While progress has been made in reducing reliance on oil, the export base still needs to be further diversified. The government should continue to support and incentivize non-oil sectors like agriculture, manufacturing, solid minerals, and services as this will help build a more robust and balanced export portfolio.

To encourage the seamless movement of goods and services and increase the competitiveness of Nigerian products on the international market, the government should streamline export procedures, lower administrative barriers, and upgrade trade infrastructure.

Other strategies for achieving import substitution and a positive trade balance include increasing local production through policies that aid small and medium-sized businesses (SMEs) and by providing them with access to financing. Nigerian goods will also become more competitive as a result of promoting domestic value addition through the expansion of industries and value chains, increasing export revenues.