Nigeria’s trade performance has shown significant improvement, with a trade surplus of N5.81 trillion recorded in the third quarter of 2024, according to the National Bureau of Statistics (NBS).
This surplus is driven by a substantial increase in export earnings.
The country’s total merchandise trade for Q3 2024 stood at N35.16 trillion, representing an 81.35% increase compared to Q3 2023 and a 13.26% rise from the previous quarter.
Exports accounted for 58.27% of total trade, with a value of N20,486.39 billion, showing a 98% increase from N10,346.60 billion in Q3 2023.
The report read: “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.
“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% 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).”
The significant growth in exports was primarily driven by Nigeria’s oil and gas sector, with crude oil exports alone accounting for N13.41 trillion, a 57.06% increase from N8.54 trillion in Q3 2023.
Agricultural exports also saw a remarkable increase of 301.87%, reaching N884.07 billion compared to N219.99 billion in Q3 2023.
On the import side, Nigeria’s total import bill for Q3 2024 amounted to N14.67 trillion, a 62.30% rise from N9.04 trillion in Q3 2023. Manufactured goods led the surge in imports, rising by 76.44% to N6.98 trillion.
Spain emerged as Nigeria’s largest export partner in Q3 2024, followed by the United States, France, the Netherlands, and Italy.
China remained Nigeria’s largest import partner, followed by India, Belgium, the United States, and Malta.
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