In Q1 2023, Nigeria’s total foreign trade reached N12.05 trillion, a 17.5% drop from N14.6 trillion in Q1 2022, according to the National Bureau of Statistics (NBS). Exports rose slightly by 2% to N6.49 trillion from N6.36 trillion in Q4 2022 but fell 8.7% from N7.1 trillion in Q1 2022. Imports increased to N5.56 trillion, up 3.67% from N5.36 trillion in Q4 2022 but down 25.83% from N7.49 trillion in Q1 2022, yielding a N927.2 billion trade surplus, per NBS data.
Crude Oil Dominates Exports
Crude oil exports, valued at N5.15 trillion, accounted for 79.37% of total exports, driven by an average daily production of 1.51 million barrels per day (mbpd) in Q1 2023, up from 1.49 mbpd in Q1 2022, per NBS.
Liquefied natural gas followed at N622.36 billion (9.59%), and urea contributed N146.79 billion (2.26%). The top export destinations were the Netherlands (N837.65 billion, 12.91%), the United States (N579.35 billion, 8.93%), Spain (N488.17 billion, 7.53%), France (N487.34 billion, 7.51%), and India (N456.69 billion, 7.04%), totaling 43.92% of exports.
Agricultural Exports Thrive
Agricultural goods exports reached N279.64 billion, or 4.31% of total exports, led by superior quality cocoa beans (N84.75 billion) and sesamum seeds (N67.66 billion), per Nairametrics. Other key exports included cashew nuts in shell (N27.18 billion), soya beans (N24.10 billion), and standard quality cocoa beans (N17.96 billion). Asia imported N172.9 billion of these goods, followed by Europe (N85 billion) and Africa (N7.6 billion). Agricultural imports, however, totaled N471.39 billion, or 8.48% of total imports, reflecting Nigeria’s reliance on imported food amid flooding concerns, per Daily Trust.
Import Profile and Challenges
Petrol imports dominated at N1.49 trillion, or 26.8% of total imports, highlighting Nigeria’s dependence on refined fuel despite its crude oil wealth, per NBS. Top import partners included China (N1.27 trillion), the Netherlands, Belgium, India, and the United States. High interest rates and poor infrastructure, noted by experts in a March 2025 report, hinder export growth, while forex scarcity, cited in a previous artifact, strains import capacity.
Trade Surplus Signals Recovery
The N927.2 billion trade surplus in Q1 2023, following a N996.8 billion surplus in Q4 2022, marked Nigeria’s second consecutive positive trade balance, reversing deficits like the N393.6 billion in Q1 2022, per NBS. Improved crude oil production and global price surges, with Brent crude hitting $127 in March 2022 due to the Russia-Ukraine conflict, boosted earnings, per Voice of Nigeria. Non-oil exports, including agricultural goods, grew, aligning with the government’s diversification efforts under the African Continental Free Trade Area (AfCFTA), per Consulate of India.
Economic Context and Outlook
Nigeria’s economy grew by 2.31% in Q1 2023, down from 3.11% in Q1 2022, with services (58.04%) and agriculture (22.72%) leading, per Statista. The manufacturing sector’s 1.61% growth, per a previous artifact, underscores structural challenges.
The Buhari administration’s focus on self-sufficiency, per trade.gov, aims to bolster non-oil sectors, but oil theft and aging infrastructure limit crude output, per NBS. Stakeholders urge infrastructure investment and policy stability to sustain trade gains.
