Nigeria’s foreign trade value in full year 2024 reached N138.03 trillion, a substantial increase of 106.56% compared to N66.83 trillion recorded in the same period of the previous year, according to the National Bureau of Statistics.
Advocates of weaker currencies, love to sing the praises of a floundering local currency.
The value of Nigeria’s crude oil export earnings increased by 50.2% in the first quarter of 2024 to N15.4 trillion, according to data from the Nigeria Bureau of Statistics (NBS).
Nigeria’s cocoa earnings spiked by 279% in the first quarter of 2024 on the back of elevated cocoa prices during the first quarter of 2024.
In the first quarter of 2024, Nigeria’s total exports increased by 51% from N12.69 trillion in the preceding quarter (Q4, 2023) to N19.16 trillion. On a year-on-year basis, total exports grew by 195% from N6.48 trillion recorded in Q1, 2023.
Nigeria’s food and beverage import bill increased by 30% from N 1.21 trillion in the fourth quarter of 2023 to N1.59 trillion in the first three months of 2024.
The value of agricultural goods imported into Nigeria in 2023 exceeded exports by N1.037 tn marking the 5th year imports exceeded exports.
In 2023, Nigeria’s total foreign trade reached N71.88 trillion- an increase of 37.2% when compared to the N52.38 trillion recorded by NBS
Driven by exchange rate depreciation Nigeria's import bill surged by an astonishing 66.8% in the fourth quarter of 2023, reaching N14.1 trillion.
In 2023, Nigeria’s total foreign trade increased from N52.38 trillion recorded in 2022 to N71.88 trillion- an increase of 37.2% when compared to 2022.
In the second quarter of 2023, Nigeria recorded a foreign trade surplus of N1.3 trillion total trade, reaching an impressive N12.74 trillion.
This represents a 9.7% decline compared to N12.84 trillion recorded in Q2 2022
