Nigeria’s Economic Boost: Trade Surplus Hits N5tn In Third Quarter

Nigeria’s trade surplus reached an impressive N5.81 trillion in the third quarter of 2024, showcasing a significant boost in export earnings, as revealed by the National Bureau of Statistics (NBS). This surplus, though lower than the previous quarter’s N6.95 trillion, marks...READ MORE….

a noteworthy improvement for the nation’s trade performance.

The NBS’s report on foreign trade statistics highlights that Nigeria’s total merchandise trade for Q3 2024 was valued at N35.16 trillion, reflecting an 81.35% increase compared to the same period last year and a 13.26% rise from the previous quarter.

Total exports surged by 98%, reaching N20.49 trillion, a stark contrast to the N10.35 trillion recorded in Q3 2023. This is also a 16.76% increase from N17.55 trillion in Q2 2024. This surge in exports was mainly driven by Nigeria’s oil and gas sector, with crude oil exports alone totaling N13.41 trillion, a 57.06% increase from the previous year. Other oil products, including liquefied natural gas (LNG) and petroleum gases, saw a dramatic 303.93% rise, reaching N4.58 trillion.

Agricultural exports also saw significant growth, up 301.87% to N884.07 billion, despite a slight 9.20% dip from the previous quarter. Solid minerals and manufactured goods exports also saw impressive gains, rising by 86.58% and 419.93%, respectively.

On the import side, Nigeria’s total import bill for Q3 2024 amounted to N14.67 trillion, an increase of 62.30% from the previous year and an 8.71% rise from Q2 2024. This increase was primarily driven by a 76.44% rise in manufactured goods, totaling N6.98 trillion, and a 66.11% rise in raw materials to N1.58 trillion. Agricultural imports also rose by 37.06%, totaling N882.24 billion.

China remained Nigeria’s largest import partner, followed by India, Belgium, the United States, and Malta, with key imports including motor spirit, gas oil, durum wheat, and used vehicles.

The remarkable rise in exports, particularly from the oil and gas sector, has bolstered Nigeria’s trade surplus despite the increase in imports.

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