The National Bureau of Statistics (NBS) has disclosed that Nigeria recorded N5.81 trillion trade surplus in the third quarter (Q4) of 2024.
A trade surplus occurs when the export value of a nation outweighs its imports.
NBS, in a report titled ‘Foreign trade in goods statistics (Q3 2024),’ released on Friday, said Nigeria’s exports totalled N20.48 trillion while imports stood at N14.67 trillion representing a trade surplus of N5.81 trillion.
The bureau also said Nigeria’s total merchandise trade increased by 81 per cent or N15.78 trillion from N19.38 trillion in Q3 2023 to N35.16 trillion recorded in Q3 2024.
“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,” NBS said.
“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).”
NBS also said exports trade continued to be dominated by crude oil, in the third quarter of 2024.
It said crude oil export was valued at N13.4 trillion representing 65.44 per cent of total exports while the value of non-crude oil — such as gas exports stood at N7 trillion accounting for 34.56 per cent of total exports.
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NBS added that non-oil products such as agricultural products — contributed N2.5 trillion or 12.21 per cent of total exports.
On the other hand, the bureau said the share of imports accounted for 41.73 per cent of total trade in the third quarter of 2024 with the value of imports amounting to N14.6 trillion in Q3 2024.
“This value indicates an increase of 62.30% compared to the value recorded in Q3 2023 (N9,041.24 billion) and 8.71% over the value recorded in Q2 2024 (N13,497.90 billion),” NBS said.
Meanwhile, Spain, the United States of America (USA), France, The Netherlands and Italy have emerged as the top five trading export partners of Nigeria.
“The main export destination was Spain with a value of N2,267.83 billion or 11.07% of total exports, followed by exports to The United States of America with ₦1,689.48 billion or 8.25% of total exports, France with ₦1,588.30 billion or 7.75% of total export, The Netherlands with ₦1,434.29 billion or 7.00% of total exports, and exports to Italy with goods valued at ₦1,377.37 billion representing 6.72% of total exports,” the bureau said.
“These five countries collectively accounted for 40.79% of the value of total exports in Q3, 2024.”
The report also said China remained Nigeria’s major trading partner, with 24.36 per cent (N3.57 trillion) worth of imported goods.
Others on the top five import routes were India (N1.66 trillion or 11.33 per cent,) Belgium (N1.63 trillion or 11.13 per cent), the United States (N1.02 billion or 6.98percent), and Malta (N766 billion or 5.23 per cent).
By: Babajide Okeowo
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