Nigerias trade hits n7 2tr in q1 on rising exports

Here's a summary of the article:

Nigeria's Trade Hits N7.2tr in Q1 on Rising Exports

According to the National Bureau of Statistics (NBS), Nigeria's trade volume rose to N7.2 trillion in the first quarter of 2023, driven by a significant increase in exports. This represents a 15.6% growth from the N6.2 trillion recorded in the same period last year.

The NBS attributed the growth to a surge in the export of crude oil, which accounted for 95.6% of the country's total exports. The value of crude oil exports rose by 21.1% to N6.8 trillion in Q1 2023, compared to N5.6 trillion in the same period last year.

Other significant contributors to the growth in exports include natural gas, which rose by 34.5% to N143.4 billion, and agricultural products, which increased by 12.1% to N143.4 billion.

On the other hand, imports declined by 10.3% to N2.4 trillion in Q1 2023, compared to N2.7 trillion in the same period last year. This decline was largely due to a reduction in the importation of manufactured goods, which fell by 14.5% to N1.3 trillion.

The trade balance, which measures the difference between exports and imports, improved significantly in Q1 2023, with the country recording a surplus of N4.8 trillion. This is a significant improvement from the deficit of N1.5 trillion recorded in the same period last year.

The NBS attributed the improvement in the trade balance to the increase in exports and the decline in imports, which has helped to reduce the country's reliance on foreign goods and improve its foreign exchange earnings.

Overall, the growth in Nigeria's trade volume and the improvement in the trade balance are positive signs for the country's economy, which has been facing challenges in recent years.