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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 (3248 Views)
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Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by FreeStuffsNG: 12:05am On Dec 05, 2023 |
Nigeria’s Trade Surplus Swells to N1.89trn in Q3 2023 Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post.https://businesspost.ng/economy/nigerias-trade-surplus-swells-to-n1-89trn-in-q3-2023/ 5 Likes
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Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by FreeStuffsNG: 12:05am On Dec 05, 2023 |
This is highly commendable. Well done to every patriotic hardworking Nigerian and lover of Nigeria who made this surplus possible. Nigeria’s most imported products were ‘Motor Spirit Ordinary’ (N1.92 trillion or 22.71% of total imports), ‘Gas oil’ (N736.66 billion or 8.71%), and ‘Durum wheat (not in seeds) with a value of N331.76 billion or 3.92% of total import. Petrol is still the big elephant in our room depleting our forex and raising our aggregate import bill. As Dangote Refinery rolls out this December, import of petrol will significantly drop and the dry season farming output for wheat will complement the impact of reduction in petrol import to further shoot up our trade surplus. Check my signature for free stuffs! 12 Likes 1 Share |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by TOPCRUISE(m): 5:37am On Dec 05, 2023 |
Will that help our budget improve cost of living and reduce inflation. Besides how has it fared with foreign exchange in dollars. It’s 1.6 billion dollars going by my calculation 4 Likes 2 Shares |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by OBTMOS(m): 5:37am On Dec 05, 2023 |
Ok |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by soloehis(m): 5:37am On Dec 05, 2023 |
How?? if we have balance of trade as u are making it seem,why is naira still depreciating in values? 8 Likes 1 Share |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by money121(m): 5:39am On Dec 05, 2023 |
Ok oo |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by mycar: 5:40am On Dec 05, 2023 |
Dubious people, let them convert it in US dollars and include all the undocumented importations with USD sourced from the parallel market, not to talk of items smuggled through our porous borders. If our export truly exceeded our import, how come our currency is moving in the opposite direction? 2 Likes 1 Share |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by ValarDoharis: 5:42am On Dec 05, 2023 |
Propaganda APC government! 9 Likes 2 Shares |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by tenpipsperday: 5:42am On Dec 05, 2023 |
Story to keep APC e-rats busy 4 Likes 1 Share |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by ican2020: 5:47am On Dec 05, 2023 |
For a currency that has lost over 70% value in the last six months What was the exchange rate before Tinubu took over? Some of you should stop deceiving yourself and embrace the reality on ground that Tinubu is driving Nigeria through a disastrous path and I pray he retraces his steps by listening to worthy advice 5 Likes |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by mytime24(f): 5:53am On Dec 05, 2023 |
Audio 1 Like |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by AntiChristian: 5:54am On Dec 05, 2023 |
May Nigeria prosper! 1 Like |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by BABAawoo47: 6:08am On Dec 05, 2023 |
if we have trade surplus, how on earth is naira depreciating? Abi I'm missing something 3 Likes |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by EmeeNaka: 6:15am On Dec 05, 2023 |
Our major export remains petroleum products. We must deemphasize petrol economy and diversify. There are many other areas with which we can increase our export. 1 Like |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Ojuntana: 6:36am On Dec 05, 2023 |
Where are the we need to export more crew |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by rspy: 6:39am On Dec 05, 2023 |
Kai see how Nigerians dey lie. |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Ojuntana: 6:42am On Dec 05, 2023 |
BABAawoo47:Naira is depreciating because 1411 people that went to COP28 will all require dollars without brining any commensurate export. I've always said it that it's the political elites and their wastefulness that's killing the naira and not necessarily imports as we assume. Except NBS is not being truthful, this info, the third this year justifies my stand 1 Like |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Gerrard59(m): 6:59am On Dec 05, 2023 |
What are we importing from Malta? |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Irony1: 7:20am On Dec 05, 2023 |
FreeStuffsNG: Bros do you know what surplus is? Make una take am easy to dey lie. The trade deficit we have is widening every day because we are highly import driven stop misleading people. 2 Likes |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Shattuck(m): 7:22am On Dec 05, 2023 |
I think this is Due to lack of demand, cost of import is high, nigerians are getting poorer with high inflation hence the reduction in demand . |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Irony1: 7:23am On Dec 05, 2023 |
BABAawoo47: Don't mind that freestuffs guy. He like spreading misleading news and propaganda. |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Kaa4(m): 7:33am On Dec 05, 2023 |
soloehis:Because there is massive capital flight occassioned by brain drain. If things continue this way, there would be improvement in the very long run. In the short run, only domesticaly substituted production of heavily imported goods would solve the problem. In this wise, there is very solid hope. Many people are looking at the trade and real sector only, fine. But there is also the financial accounts. How much is coming in or going out in capital (dollars), both FPI and FDI. 1 Like |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by WealthyNigerian: 7:47am On Dec 05, 2023 |
nice 2 Likes |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by WealthyNigerian: 7:48am On Dec 05, 2023 |
Normal, it has started happening already. Analysts said it: https://www.nairaland.com/7929097/why-naira-stengthen-against-dollar 2 Likes |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by bigiyaro(m): 7:56am On Dec 05, 2023 |
Hmmmmm.... |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Femmyfamous4u(m): 7:57am On Dec 05, 2023 |
FreeStuffsNG: Exactly. The government has made huge investment in the cultivation of wheat, dangote refinery to come on board and PH refinery to begin operation first quarter next year. As an Economist, I can see positive economic recovery in no distant time. Naira appreciation to come too. 2 Likes |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Khyrvxjzy: 8:04am On Dec 05, 2023 |
FreeStuffsNG: from what dangote said only diesel, get fuel will be produce this december i cant wait for petrol |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Faiththatworks(m): 8:34am On Dec 05, 2023 |
I must commend my comrade in the struggle to always post positive news about Nigeria, @freestuffs,the Almighty God, Allah, Eledumare will continue to bless you and your hustle. It seems some people have made up their mind to pollute our minds with continuous publication of Negative news about Nigeria, but we know things must get better under Asiwaju and his economic team. Back to the matter,this figures released by the NBS is making me dance for Joy,I'm estatic and I hope many Nigerians feel the same way. For the first time in a very very long time,we have a surplus balance of trade,meaning there's an uptick in Economic activity in Nigeria. For those who don't understand,the surplus is generated outside of the supply of Crude oil which was our major foreign exchange earner. Something is happening in Nigeria,I don't know where these products are coming from,but if I put my figures and calculation together,these products are the by products of refining crude oil,it simply means they have turned on a Refinery in Nigeria,that's the only way we can get these products. I have been singing for the last 5 months and I will keep repeating,Dangote Refinery is coming and it will usher in the next wave of legit Millionaires in Nigeria. I'm still selling LAND around Ibeju-lekki close to the Refinery for those who desire to invest. Contact me if interested. God bless Nigeria 1 Like |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by iwaeda: 8:39am On Dec 05, 2023 |
FreeStuffsNG: Trade surplus and the effects are NEGATIVE everywhere. 2 Likes 1 Share |
Re: Nigeria’s Trade Surplus Swells to N1.89 Trillion in Q3 2023 by Waqes900: 8:47am On Dec 05, 2023 |
Lolz 😂 it's well..... Na lie it can never be well |
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