Nigeria recorded a trade surplus of N5.81tn in the third quarter of 2024, reflecting a significant increase in export earnings, according to the latest data from the National Bureau of Statistics (NBS). However, this surplus is lower than the N6.95tn surplus recorded in the previous quarter.
The NBS reported that Nigeria’s merchandise trade for Q3 2024 amounted to a total value of N35.16tn, marking an 81.35% increase compared to the same period in 2023 and a 13.26% rise from the previous quarter.
Total exports for the quarter surged by 98.00% to N20.49tn, compared to N10.35tn in Q3 2023. This represents a 16.76% increase from N17.55tn in Q2 2024. The NBS report highlighted that the significant boost in exports was primarily driven by crude oil and natural gas exports, which are key contributors to Nigeria’s foreign exchange earnings.
Crude oil exports alone amounted to N13.41tn, a 57.06% increase from N8.54tn in Q3 2023. Exports of other oil products, including liquefied natural gas and petroleum gases, saw a massive 303.93% rise, totaling N4.58tn.
Agricultural exports also saw an extraordinary increase of 301.87%, reaching N884.07bn, compared to N219.99bn in Q3 2023, despite a slight decline of 9.20% from the previous quarter. Exports of solid minerals and manufactured goods performed well too, rising by 86.58% and 419.93% respectively.
Spain was Nigeria’s largest export partner in Q3 2024, followed by the United States, France, the Netherlands, and Italy, benefiting from Nigeria’s crude oil, LNG, and other petroleum exports.
On the import side, Nigeria’s total import bill for Q3 2024 stood at N14.67tn, an increase of 62.30% from N9.04tn recorded in the same period in 2023, and an 8.71% rise compared to the previous quarter.
The increase in imports was driven largely by manufactured goods, which rose by 76.44% to N6.98tn, and raw materials, which saw a 66.11% rise to N1.58tn. Other notable imports included agricultural products, valued at N882.24bn, reflecting a 37.06% increase from Q3 2023.
China continued to dominate Nigeria’s import trade, followed by India, Belgium, the United States, and Malta. Key imported goods included motor spirit, gas oil, durum wheat, and used vehicles.
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