Nigeria’s foreign trade has skyrocketed by an impressive 53.16% year over year, reaching a staggering N 18.80 trillion in the third quarter of 2023.
The surge is attributed to an 83.23% increase in crude oil revenues, which totaled N8.54 trillion during the reviewed quarter.
According to the latest report from the National Bureau of Statistics (NBS), the overall exports witnessed a substantial 60.78% rise to N10.35 trillion, fueled by heightened trade activity.
Notably, crude oil exports dominated the export trade, representing 82.50% of total exports.
Despite the positive economic indicators, the World Bank noted that Nigeria’s oil production remains relatively low.
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