In the third quarter of 2024, Nigeria recorded a trade surplus of N5.81 trillion, driven by a significant increase in export earnings, according to the National Bureau of Statistics (NBS). This figure represents a decrease from the N6.95 trillion surplus reported in the previous quarter.
Trade Volume and Export Performance
The NBS reported that the total merchandise trade for Q3 2024 amounted to N35.16 trillion, marking an 81.35% increase compared to the same period in 2023 and a 13.26% rise from the preceding quarter. Total exports surged by 98.00% year-on-year to N20.49 trillion, up from N10.35 trillion in Q3 2023, and showed a 16.76% increase from N17.55 trillion in Q2 2024.
Key Export Contributors
Crude Oil: Exports were valued at N13.41 trillion, a 57.06% increase from N8.54 trillion in Q3 2023.
Other Oil Products: Including liquefied natural gas and petroleum gases, these exports rose by 303.93%, totaling N4.58 trillion.
Agricultural Products: Exports reached N884.07 billion, a 301.87% increase from N219.99 billion in Q3 2023, despite a 9.20% decline from the previous quarter.
Major Export Destinations
Spain emerged as Nigeria’s largest export partner in Q3 2024, followed by the United States, France, the Netherlands, and Italy. These countries primarily imported Nigeria’s crude oil, liquefied natural gas, and other petroleum products.
Import Analysis
Nigeria’s total imports for Q3 2024 stood at N14.67 trillion, a 62.30% increase from N9.04 trillion in the same period of 2023, and an 8.71% rise from the previous quarter. The increase was largely due to:
Manufactured Goods: Imports rose by 76.44% to N6.98 trillion.
Raw Materials: Imports increased by 66.11% to N1.58 trillion.
Agricultural Products: Imports were valued at N882.24 billion, reflecting a 37.06% rise from Q3 2023.
Primary Import Sources
China remained Nigeria’s leading import partner, followed by India, Belgium, the United States, and Malta. Key imported commodities included motor spirit, gas oil, durum wheat, and used vehicles.
This substantial trade surplus underscores Nigeria’s robust export performance, particularly in the oil and gas sector, and highlights the nation’s growing trade relationships with key global partners.
Leave a Reply