Nigeria Achieves N5.8 Trillion Trade Surplus In Q3 2024

Nigeria Achieves N5.8 Trillion Trade Surplus In Q3 2024

The National Bureau of Statistics (NBS) reports that Nigeria recorded a trade surplus of N5.81 trillion in the third quarter of 2024 (Q3’24). This marks a significant year-on-year increase of 298 percent, up from the N1.3 trillion surplus seen in Q3’23…READ MORE…

According to the NBS announcement today, the country’s total exports were valued at N20.48 trillion, while imports amounted to N14.67 trillion, leading to the reported trade surplus of N5.81 trillion.

The bureau highlighted that merchandise trade grew by 81 percent year-on-year, reaching N35.2 trillion in Q3’24, compared to N19.38 trillion in the same quarter of 2023.

The report indicated, “Nigeria’s total merchandise trade reached N35.16 trillion in Q3 2024, reflecting an increase of 81.35 percent relative to the corresponding period of 2023 and a rise of 13.26 percent from the previous quarter.”

In this quarter, exports constituted 58.27 percent of total trade, amounting to N20.49 trillion. This represents a 98 percent increase from the N10.35 trillion recorded in Q3’23 and a 16.76 percent rise compared to the N17.55 trillion worth of exports in Q2’24.

The NBS noted that crude oil continued to dominate export trade in Q3 2024. The value of crude oil exports reached N13.4 trillion, comprising 65.44 percent of total exports, while non-crude oil exports totaled N7 trillion, accounting for 34.56 percent.

Conversely, imports made up 41.73 percent of total trade in Q3 2024, valued at N14.6 trillion. This figure shows a 62.3 percent increase compared to the N9.04 trillion recorded in Q3’23 and an 8.7 percent rise from the N13.5 trillion in Q2’24.

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