Nigeria’s foreign exchange earnings increased in the first six months of 2023, as the country’s trade surplus increased to N2.22 trillion.
According to The Punch, the country was looking for new ways to boost its earnings from foreign exchange earnings.
New data from the National Bureau of Statistics show that Nigeria’s overall import bill was N11.29 trillion while its total exports were N13.50trn, meaning that the country was able to earn N2.22 trillion in foreign money during the process.
This occurred when international trade decreased by 12.68% to N24.79 trillion in the first six months of 2023 from N28.39 trillion in the same period of 2022. Even though trade fell, the country’s surplus rose by 258.10% from N618.81 billion in the first two quarters of 2022.
According to the NBS, Nigeria’s total commerce in the second quarter of 2023 was worth N12.74 trillion, with N7.02 trillion in exports and N5.73 trillion in imports.
Total exports climbed by 8.15% when compared to the first quarter of 2023’s figure of N6.49 trillion, while they decreased by 5.20% when compared to the same quarter of 2022’s figure of N7.40 trillion.
Similar to how total imports grew during the review period compared to the value recorded in the first quarter of 2023 (N5.56 trillion), they decreased compared to the value recorded in the corresponding quarter of 2022 (N6.39 trillion) by 10.37 percent.
The majority of Nigeria’s trade-related foreign exchange revenues (N10.74tn) came from crude oil. The majority of the nation’s forex expenditures (N3.25 trillion) and N3.74 trillion) went towards purchasing machinery and transportation equipment. Due to increased production levels as a result of coordinated efforts by security officials and oil companies, the nation’s crude oil revenues have been rising gradually.
