Nigeria’s Trade Surplus Soars to N5.81tn in Q3 2024

Nigeria has recorded a trade surplus of N5.81 trillion in the third quarter of 2024, showcasing a robust performance in export earnings, according to the latest report from the National Bureau of Statistics (NBS).

The surplus, though lower than the N6.95 trillion achieved in the previous quarter.

The NBS report reveals that Nigeria’s merchandise trade for Q3 2024 was valued at N35.16 trillion.

Exports during the period surged dramatically by 98% to N20.49 trillion, a substantial rise from N10.35 trillion in the same quarter of 2023, and a 16.76% improvement over the N17.55 trillion recorded in Q2 2024.

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“Total exports in Q3 2024 were valued at N20.49 trillion, reflecting a 98% rise compared to N10.35 trillion in the corresponding quarter of 2023 and a 16.76% increase from the previous quarter,” the NBS report stated.

Crude oil exports alone contributed N13.41 trillion, representing a 57.06% year-on-year increase from N8.54 trillion in Q3 2023. Meanwhile, exports of liquefied natural gas (LNG) and petroleum gases saw an explosive rise of 303.93%, totaling N4.58 trillion.

Agricultural exports, too, posted a remarkable 301.87% increase, reaching N884.07 billion, despite a slight 9.20% decline compared to the previous quarter.

Exports of solid minerals and manufactured goods also saw exceptional growths of 86.58% and 419.93%, respectively, highlighting the diversification of Nigeria’s export base.

READ ALSO: Nigeria Records N5.81 Trillion Trade Surplus in Q3 2024 

In terms of export destinations, Spain emerged as Nigeria’s largest trade partner in Q3 2024, followed by the United States, France, the Netherlands, and Italy, all benefiting from Nigeria’s oil, LNG, and petroleum exports.

On the import side, Nigeria’s total import bill for Q3 2024 stood at N14.67 trillion, an increase of 62.30% from N9.04 trillion in Q3 2023. This represents an 8.71% rise compared to the previous quarter.

Manufactured goods accounted for the largest share of imports, rising by 76.44% to N6.98 trillion, while raw materials increased by 66.11% to N1.58 trillion.

China continued to dominate as Nigeria’s largest source of imports, followed by India, Belgium, the United States, and Malta. Notable imported items included motor spirit, gas oil, durum wheat, and used vehicles.