Nigeria’s 2023 exports as percentage of GDP projected at 15.51%

The World Economic Outlook Database (October 2023) published by the International Monetary Fund (IMF) projects that Nigeria’s total exports as a percentage of GDP will increase to 15.51% in 2023 from 14.47% in 2022. As a percentage of GDP, exports have increased, which is a positive development that should be maintained.

Increasing exports is linked to a number of positive development outcomes, such as the creation of jobs, foreign exchange profits, and a positive trade balance. Government policies should prioritize improving trade facilitation, ongoing infrastructure investment in trade-related areas, export promotion initiatives, diversification plans, and strategic currency management, among other measures, in order to maintain and optimize these benefits.

By doing these, Nigeria may be positioned for long-term economic stability and international competitiveness. It is envisaged that these research-backed initiatives would help policymakers accomplish their objective of increasing exports.