Nigeria has recorded ₦5.81 trillion trade surplus in the third quarter (Q3) of 2024, according to a report by the National Bureau of Statistics (NBS) on Friday.
This surplus highlights a strong trade performance, with the country’s exports significantly outpacing its imports during the period under review.
The NBS report, titled “Foreign Trade in Goods Statistics (Q3 2024)”, revealed that Nigeria’s exports reached ₦20.48 trillion, while imports totalled ₦14.67 trillion.
This led to a positive trade balance of ₦5.81 trillion. The nation’s overall merchandise trade increased by 81%, rising from ₦19.38 trillion in Q3 2023 to ₦35.16 trillion in Q3 2024.
Exports contributed 58.27% of the total trade value, reflecting a notable increase of 98% compared to the same quarter in 2023.
“Nigeria’s total merchandise trade stood at N35,160.44 billion in Q3, 2024. This represents an increase of 81.35% compared to the value recorded in the corresponding period of 2023 and a rise of 13.26% over the value recorded in the preceding quarter.
“In the quarter under review, exports accounted for 58.27% of total trade with a value of N20,486.39 billion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (N10,346.60) and 16.76% compared to the value recorded in Q2 2024 (N17,545.62),” NBS said.
Crude oil remained the primary export, accounting for ₦13.4 trillion or 65.44% of total exports, while non-crude oil products, including gas, contributed ₦7 trillion or 34.56%. Non-oil products such as agricultural goods made up ₦2.5 trillion or 12.21% of total exports.
Imports accounted for 41.73% of the total trade in Q3 2024, valued at ₦14.67 trillion. This represents a 62.3% rise from Q3 2023 and an 8.71% increase from the previous quarter.
“This value indicates an increase of 62.30% compared to the value recorded in Q3 2023 (N9,041.24 billion) and 8.71% over the value recorded in Q2 2024 (N13,497.90 billion),” NBS said.
Spain emerged as Nigeria’s top export destination, receiving ₦2.27 trillion worth of goods, followed by the United States, France, The Netherlands, and Italy. Together, these five countries made up 40.79% of Nigeria’s total exports.
“The main export destination was Spain with a value of N2,267.83 billion or 11.07% of total exports, followed by exports to The United States of America with ₦1,689.48 billion or 8.25% of total exports, France with ₦1,588.30 billion or 7.75% of total export, The Netherlands with ₦1,434.29 billion or 7.00% of total exports, and exports to Italy with goods valued at ₦1,377.37 billion representing 6.72% of total exports,” the NBS said.
On the import side, China remained the dominant trading partner, accounting for 24.36% (₦3.57 trillion) of imports, followed by India, Belgium, the United States, and Malta.
