In the second quarter of 2024, Nigeria achieved a trade surplus of ₦6.95 trillion, marking a 6.60% increase from the previous quarter’s surplus of ₦6.52 trillion.
This was highlighted in a report by the National Bureau of Statistics (NBS) released on Wednesday.
Key Points:
Total Merchandise Trade: Nigeria’s total merchandise trade for Q2 2024 was ₦31.89 trillion, reflecting a 3.76% decline from Q1 2024 but a significant 150.39% rise from Q2 2023.
Exports: Total exports reached ₦19.42 trillion, accounting for 60.89% of total trade. This was a 1.31% increase from Q1 2024 and a 201.76% surge from Q2 2023. Crude oil exports were the primary contributor, valued at ₦14.56 trillion (74.98% of total exports), while non-crude oil exports were valued at ₦4.86 trillion (25.02% of total exports).
Top Export Partners: Nigeria’s top export destinations included Spain (₦2.01 trillion or 10.34%), the United States (₦1.86 trillion or 9.56%), and France (₦1.82 trillion or 9.37%). Collectively, these countries received 44.87% of Nigeria’s total exports.
Imports: Total imports were ₦12.47 trillion, a 10.71% decrease from Q1 2024 but a 97.93% increase from Q2 2023. China was Nigeria’s largest supplier with imports worth ₦3.03 trillion (24.29% of total imports).
Trade by Mode of Transport: Maritime transport was dominant, accounting for 99.14% of exports and 94.94% of imports. Air transport played a minimal role, contributing 0.38% to exports and 4.66% to imports.
This trade performance underscores Nigeria’s strong export sector, driven primarily by crude oil, and highlights the significant role of maritime transport in the country’s international trade.
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