The overall merchandise trade surged by 145.58%, from N12.6 trillion in Q1 2023 to N31,810.59 trillion in Q1 2024.
The National Bureau of Statistics (NBS) released this information on Sunday, June 9, in a document titled “Foreign Trade in Goods Statistics (Q1 2024).”
According to NBS, Nigeria’s total goods trade was N31,810.59 billion in the first quarter of 2024. This marks a 46.27% increase over the previous quarter and a 145.58% increase over the figure (N12.6 trillion) recorded in the same period in 2023.”
The document said the data revealed that export accounted for 60.25% of total trade in the reviewed quarter with a value of N19,167.36 billion, showing an increase of 51.00% compared to the value recorded in Q4 2023 (N12,693.62) and by 195.47% over the value recorded in the first quarter of 2023 (N6,487.04).
Exports trade in the first quarter of 2024, said the bureau, was dominated by crude oil exports valued at N15,486.63 billion representing 80.80% of total exports while the value of non-crude oil exports stood at N3,680.73 billion accounting for 19.20% of total exports; of which non-oil products contributed N1,778.85 billion or 9.28% of total exports.