In Six Months, Nigeria’s Foreign Trade Hits N12.74trn

Nigeria’s import and export trade as of June 2023 stood at N12.74 trillion.

This was contained in the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) prepared by the Budget Office of the Federation and submitted to the National Assembly.

The document showed that the Netherlands topped the list of countries with the nation’s export destination.

Premium Motor Spirit (petrol) import accounted for 21.5% (N1.23 trillion).

Other countries with high exports of Nigerian products include the United States and Indonesia.

However, China, the United States, Belgium, India and the Netherlands topped the list of countries with the highest import of goods into Nigeria as of the end of the second quarter of 2023.

According to the document, the nation’s total exports for the period stood at N7.02 trillion while total imports amounted to N5.73 trillion.

Total imports from China within the period stood at about N1.27 trillion (representing 22.17%) leading other countries where goods were imported into the country.

The total export to the Netherlands stood at N788.85 billion, representing 11.24% of total exports; followed by the United States with N718.63 billion; Indonesia with N550.18 billion; France with N540.73 billion and Spain with N504.45 billion.

On capital importation, the MTEF/FSP document showed that “There has been a steady decline in Nigeria’s capital importation for three consecutive years – from an annual level of $16.812 billion in 2018 to a paltry $5.32 billion in 2022.

Meanwhile, the House of Representatives is to begin consideration of the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) on Wednesday, November 8, ahead of the presentation of the 2024 budget by the President.