The Nigeria Bureau of Statistics (NBS) has stated that N5 trillion worth of tanks and armoured fighting vehicles were imported into the country in the fourth quarter of 2023, majorly from Singapore.
In a report, titled: ‘Foreign Trade in Goods Statistics’, the NBS said Nigeria recorded a total of N26.8tr in trade transactions with other countries.
The report which was released on Friday, said goods worth N12.69trn were exported out of the country, while N14.1trillion worth of goods were imported into the country.
According to the report, the trade volume, which is the highest recorded in recent years, was due to the devaluation of the Naira. Also, the report said Nigeria bought agricultural products worth N711.1bn while N463.9bn of the product was sold to other countries.
It added that on an annual basis, total trade in 2023 was N71.8trn of which imports amounted to N35.9trn and exports were recorded at N35.9trillion. “Total exports in the quarter under review increased by 22.68 percent, when compared to the amount recorded in the third quarter of 2023 (N10.3tr), as well as by 99.60% when compared to the corresponding quarter in 2022 (N6.3tr). In the same vein, total imports increased by 56.04%, when compared to the value recorded in the third quarter of 2023 (N9tr), and by 163.08%, compared to the value recorded in the corresponding quarter of 2022 (N5.3tr)”.
It identified the top five export destinations in Q4, 2023 as: The Netherlands, with N1.9tr worth of goods or 15.05%; India with N1.1tr or 8.68%; Spain, with N1tr, or 8.11%; Canada, with N907.6bn or 7.15%; France, with N799.7bn or 6.30% of total exports.
For imports, it said the top five trading partners were Singapore with goods valued at N5trn or 36.09%; China, with N2tr or 14.61%; Belgium, with N1.1tr, or 8.09%; India, with N908.5bn or 6.44%, and the United States of America, (US), with goods valued at N512.9bn or 3.64%.
“The values of imports from the top five countries amounted to N9.7trn, representing a share of 68.86% of total imports”.
While the commodities with the largest values of imported products were: ‘Tanks and other armoured fighting vehicles, motorised, whet’ worth N5.06trn or 35.87%, ‘Motor spirit, ordinary’, valued at N1.8bn, or 12.81%, and gas oil valued at N1.1tr, or 8.48 percent.
