Nigeria posted a trade surplus of N5.81 trillion in the third quarter of 2024, driven by a significant increase in export earnings.
This is according to the latest report from the National Bureau of Statistics (NBS).
This marked a notable rise in trade performance compared to the previous year. However, the surplus was lower than the N6.95 trillion recorded in the second quarter of 2024.
The NBS Foreign Trade Statistics report, released on Friday, revealed that the country’s total merchandise trade for Q3 2024 stood at N35.16 trillion, reflecting an 81.35% increase compared to Q3 2023 and a 13.26% rise from the previous quarter.
The report read, “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).”
Surge in exports
Total exports for Q3 2024 reached N20.49 trillion, representing a 98% increase from N10.35 trillion in the same period last year. This also marks a 16.76% rise from N17.55 trillion in the second quarter of 2024.
The report read: “Total exports in Q3 2024 were valued at N20,486.39 billion, reflecting a 98.00% rise compared to N10,346.60 billion in the corresponding quarter of 2023 and a 16.76% increase compared to N17,545.62 billion in Q2 2024.”
- The significant growth in exports was primarily driven by Nigeria’s oil and gas sector, with crude oil exports alone accounting for N13.41 trillion, a 57.06% increase from N8.54 trillion in Q3 2023. Exports of other oil products, including liquefied natural gas (LNG) and petroleum gases, surged by 303.93% to N4.58 trillion.
- Agricultural exports also saw a remarkable increase of 301.87%, reaching N884.07 billion compared to N219.99 billion in Q3 2023, although this represented a slight decline of 9.20% from Q2 2024. Additionally, exports of solid minerals and manufactured goods showed strong performance, rising by 86.58% and 419.93%, respectively.
Spain emerged as Nigeria’s largest export partner in Q3 2024, followed by the United States, France, the Netherlands, and Italy. These countries benefitted mainly from Nigeria’s crude oil, LNG, and other petroleum exports.
Increased imports
On the import side, Nigeria’s total import bill for Q3 2024 amounted to N14.67 trillion, a 62.30% rise from N9.04 trillion in Q3 2023. This also marked an 8.71% increase compared to the previous quarter.
- The report read: “The value of total imports stood at N14,674.05 billion in the third quarter of 2024, representing a rise of 62.30% from the value recorded in the corresponding quarter of 2023 (N9,041.24 billion) and increased by 8.71% compared with the value recorded in Q2, 2024 (N13,497.90 billion).”
- Manufactured goods led the surge in imports, rising by 76.44% to N6.98 trillion, while raw materials increased by 66.11% to N1.58 trillion. Imports of agricultural products stood at N882.24 billion, reflecting a 37.06% increase from Q3 2023.
China remained Nigeria’s largest import partner, followed by India, Belgium, the United States, and Malta. Key imports included motor spirit, gas oil, durum wheat, and used vehicles.
