Nigeria recorded N6.5trn trade surplus in Q1 2024, says NBS

The National Bureau of Statistics (NBS) has disclosed that the volume of Nigeria’s trade with other countries increased to N31.8 trillion in Q1 of 2024.

The total trade merchandise figure represented an increase of 46.27 percent over the value recorded in the preceding quarter and rose by 145.58 percent compared to the value recorded in the corresponding period of 2023.

The report, titled: “Foreign Trade in Goods Statistics,” indicated that the top-ranked group import was mineral fuels worth N4.4 trillion, representing 35.09 percent of total imports.

According to Persecondnews, the increase in trade volume was caused by the devaluation of Nigeria’s currency, which peaked at N1,600 to a dollar during the period.

The report stated that exports accounted for 60.25 percent of total trade, recording N19.1bn, an increase of 51 percent compared to the value recorded in Q4 2023, N12.6trn, and by 195.47 percent over the value recorded in Q1 2023 (N6.4trn).

On the other hand, total imports reached N12.6trn, up 39.65 percent from the value in Q4 2023 (N9trn) and 95.53 percent from the value in the corresponding quarter of 2023 (N6.4trn).

According to the report, crude oil dominated exports, accounting for N15.4 trillion, or 80.80 percent of total exports, while non-crude oil exports made up N3.6 trillion, or 19.20 percent.

It added that Nigeria exported vegetable products worth N589.5bn and prepared foodstuffs, beverages, spirits, vinegar, and tobacco worth N472.8bn, with Nigeria’s exports going mostly to Europe with goods valued at N8.3trn.

This was followed by exports to Asia valued at N5.1 trillion, while exports to America were valued at N3.4 trillion, and those to Africa were valued at N2.2 trillion.

It identified the top-most imported goods as petrol, gas oil, durum wheat (not in seeds), cane sugar meant for sugar refineries, and other liquefied petroleum gases and other gaseous hydrocarbons.

The report reads: “The top-ranked group import was mineral fuels worth N4.4 trillion, representing 35.09 percent of total imports. This was followed by machinery and transport equipment worth N3.1 trillion (25.08 percent of total imports) and chemicals and related products worth N1.7 trillion (14.13% of total imports).”

Meanwhile, Nigeria imported goods mainly from Asia, valued at N5.9 trillion, followed by imports from Europe worth N4.6 trillion, America worth N1.5 trillion, Africa worth N401.8 trillion, and Oceania worth N58.8 trillion.

The report further reads: “Analysis by trading partners revealed that imports originated mainly from China and were valued at N2.9 trillion, representing 23.18 percent of total imports.

“This was followed by imports from India with N1trn, the United States of America with imports valued at N1trn, Belgium with N955.9bn, and the Netherlands with N591.5bn.”