Nigeria’s total merchandise trade saw significant growth in the fourth quarter of 2024, driven by a surge in imports and steady export performance.
According to the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics (NBS), total trade for the quarter stood at N36.6 trillion, representing a 68.3% increase from the corresponding quarter in 2023 and a 2.2% rise from the third quarter of 2024.
Despite maintaining a trade surplus, Nigeria’s trade balance saw a notable decline in Q4 2024.
The surplus for the quarter stood at N3.42 trillion, reflecting a 34.9% drop from the previous quarter.
The reduction in surplus was largely driven by the continued increase in imports and a slight decline in export performance.
The report read, “Nigeria’s total merchandise trade stood at N36,604.83 billion in Q4, 2024. This represents an increase of 68.32% compared to the value (N21,747.40) recorded in the corresponding period of 2023 and a rise of 2.20% over the value recorded in the preceding quarter (N35,818.35).”
Exports rise by 57.7% as crude oil remains dominant
- Total exports in Q4 2024 were valued at N20.01 trillion, reflecting a 57.7% year-on-year increase but a slight 2.55% decline from N20.54 trillion recorded in Q3 2024. Crude oil continued to dominate Nigeria’s export market, accounting for 68.87% of total exports with a value of N13.78 trillion. This marked a 33.7% increase compared to Q4 2023 and a 2.8% increase from Q3 2024.
- Other key export products during the quarter included liquefied natural gas, petroleum gases, superior quality cocoa beans, and urea. These commodities contributed significantly to the country’s non-oil export revenue.
- The Netherlands emerged as Nigeria’s largest export destination, receiving N2.09 trillion worth of goods, representing 10.44% of total exports. France followed with N1.91 trillion, while Spain recorded N1.74 trillion in trade value. India and Indonesia are also featured among the top five export partners, with trade values of N1.60 trillion and N1.41 trillion, respectively. Collectively, these five countries accounted for 43.7% of Nigeria’s total exports during the period under review.
- The agricultural sector posted strong export growth in Q4 2024, with total agricultural exports valued at N1.54 trillion. This represented a 232% increase compared to Q4 2023.
- Superior quality cocoa beans contributed N836.2 billion to total agricultural exports, making it the most exported agricultural product. Standard quality cocoa beans followed at N269.3 billion, while sesamum seeds accounted for N202.9 billion. Other notable agricultural exports included natural cocoa butter (N104.6 billion) and shelled cashew nuts (N30.8 billion).
- Nigeria’s agricultural exports were largely directed to Europe, which accounted for N986.7 billion of total agricultural trade. Asia was the second-largest market, receiving N474.4 billion worth of agricultural products. The Netherlands and Malaysia were the top buyers of Nigerian cocoa beans, while China and Japan imported significant quantities of sesamum seeds.
- Total exports in the solid minerals sector stood at N60.7 billion, reflecting a 69.2% increase year-on-year but a 21.9% decline from Q3 2024. Cement clinkers and tin ores were the dominant solid mineral exports, with major trading partners including Cameroon and China.
- Solid mineral imports, primarily plasters from Egypt and Tunisia, were valued at N111.8 billion during the quarter.
- Manufactured goods exports were valued at N494.2 billion in Q4 2024, increasing by 110.3% from Q4 2023 but declining by 52.5% from Q3 2024. Key manufactured goods exported during the period included unwrought aluminum alloys, dredgers, and cathodes.
- Most of Nigeria’s manufactured goods exports were sent to Africa, followed by Asia and Europe. Meanwhile, imports in this category stood at N8.47 trillion, with aircraft parts from France and photovoltaic cells from China among the most imported items.
Imports surge by 83.2% to N16.59 trillion
- Total imports in Q4 2024 rose sharply to N16.59 trillion, marking an 83.2% increase compared to N9.05 trillion recorded in the corresponding quarter of 2023. On a quarter-on-quarter basis, imports increased by 8.57% from N15.28 trillion recorded in Q3 2024.
- Despite the overall increase, mineral product imports experienced a decline, falling from N5.84 trillion in Q3 2024 to N4.92 trillion in Q4 2024. This decline signals a reduction in Nigeria’s reliance on imported mineral fuels and related products.
- Agricultural imports climbed to N1.09 trillion in Q4 2024, representing a 53.4% increase compared to the same period in 2023. Similarly, raw material imports surged to N2.11 trillion, reflecting a 118.2% year-on-year rise. Manufactured goods imports recorded a substantial jump to N8.47 trillion, marking a 113.3% increase from Q4 2023.
- China maintained its position as Nigeria’s largest import source, accounting for N4.61 trillion or 27.8% of total imports. India followed with N1.90 trillion, while Belgium, the United States, and France contributed N1.39 trillion, N1.06 trillion, and N601.28 billion, respectively.
Nigeria’s trade with Africa and ECOWAS remains stable
Trade with African countries remained robust, with total exports valued at N2.04 trillion, while imports stood at N514.96 billion, representing just 3.1% of total imports. South Africa, Ivory Coast, and Senegal emerged as Nigeria’s top trading partners on the continent.
Within ECOWAS, Nigeria’s exports amounted to N1.18 trillion, while imports from the region were valued at N77.1 billion. Ivory Coast ranked as the largest ECOWAS export destination, followed by Senegal, Togo, Ghana, and the Benin Republic.
The most exported products to ECOWAS included petroleum oils, electrical energy, and cigarettes, while crude palm oil and petroleum bitumen were the top imports from the region.
Trade by transport mode dominated by sea shipments
The report highlighted that 98.8% of Nigeria’s exports in Q4 2024 were transported by sea, with Apapa Port handling 89.6% of total outbound shipments. Air and road transport accounted for minimal shares of total exports.
On the import side, maritime transport remained dominant, accounting for 90.2% of total inbound shipments. Apapa Port also served as Nigeria’s major entry point for imports.
