On foreign trade in Q1, 2023, the NBS stated that, “In the second quarter of 2023, Nigeria’s total trade stood at N12.74tn, total exports stood at N7.02tn and total imports amounted to N5.73tn. Total exports increased by 8.15 per cent when compared to the amount recorded in the first quarter of 2023 but declined by 5.20 per cent compared to the corresponding quarter in 2022 .
“Likewise, in the period under review, total imports increased by 2.99 per cent compared to the value recorded in the first quarter of 2023 but declined by 10.37 per cent when compared to the value recorded in the corresponding quarter of 2022 .” Crude oil was responsible for most of Nigeria’s foreign exchange earnings from trade. The country’s forex spending was mostly on machinery and transport equipment and mineral fuel etc., . The country’s crude oil earnings have been rising steadily due to improved production volumes following concerted efforts by security officials and oil operators.All rights reserved.