The National Bureau of Statistics’ most recent statistics show that Nigeria’s third quarter 2024 trade surplus was N5.81 trillion, indicating a sharp increase in export revenue.
Nonetheless, the Q3 2024 surplus is significantly less than the N6.95 trillion trade surplus from the prior quarter.
Nigeria’s merchandise trade for the third quarter of this year was valued at N35.16 trillion, according to the NBS’s international trade statistics report released on Friday. This represents an increase of 23.26 per cent from the previous quarter and 81.35 per cent from the same period in 2023.
Between Q3 2023 and Q4 2023, total exports increased by 98.00 per cent to N20.49 trillion.
This represents a 16.76% gain over the N17.55 trillion in the previous quarter, Q2 2024.
“The total value of exports in Q3 2024 was N20.49 trillion, which represents a 98.00 per cent increase over N10.35 trillion in the same quarter of 2023 and a 16.76 per cent increase over N17.55 trillion in Q2 2024,” the NBS report stated.
Crude oil and natural gas exports, which continue to be major sources of Nigeria’s foreign exchange profits, were the main drivers of the notable increase in exports.
Crude oil exports alone were N13.41 trillion, up 57.06% from N8.54 trillion in the third quarter of 2023.
Liquefied natural gas and petroleum gases were among the other oil products that showed a sharp increase in exports, rising by 303.93% to N4.58 trillion.
Apart from oil exports, agricultural exports had a remarkable 301.87 per cent surge, hitting N884.07 billion from N219.99 billion in the third quarter of 2023.
Even though it was down 9.20 per cent from the previous quarter, this growth was nevertheless achieved.
Both manufactured goods and solid mineral exports had strong growth, increasing by 419.93 per cent and 86.58%, respectively.
In Q3 2024, the United States, France, the Netherlands, and Italy were Nigeria’s greatest export partners, followed by Spain.
The crude oil, LNG, and other petroleum exports from Nigeria benefited these nations.
Nigeria’s overall import cost for the third quarter of 2024 was N14.67 trillion, up 62.30% from N9.04 trillion during the same period in 2023.
Imports were up 8.71 per cent from the previous quarter.
According to the study, “The value of total imports stood at N14.67tn in the third quarter of 2024, representing a rise of 62.30 per cent from the value recorded in the corresponding quarter of 2023 (N9.04tn) and rose by 8.71 per cent from the value recorded in Q2, 2024 (N13.5tn).”
Raw materials and manufactured goods accounted for 66.11 per cent of the increase in imports, rising to N1.58 trillion and 76.44 per cent to N6.98 trillion, respectively.
The value of agricultural items, which accounted for N882.24 billion and represented a 37.06 per cent rise from Q3 2023, was another noteworthy import.
China still dominated Nigeria’s imports, with the US, Belgium, India, and Malta following closely behind. Motor spirit, petrol oil, durum wheat, and old automobiles were among the main imports.
