The National Bureau of Statistics (NBS) has released its third quarter 2024 report showing that Nigeria’s trade surplus remained positive at ₦5,812.34 billion indicating an increase of 43.60% compared to the value recorded in the preceding quarter.
According to the agency, the country’s total merchandise trade stood at ₦35,160.44 billion in Q3, 2024, representing an increase of 81.35% compared to what it 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, the report said exports accounted for 58.27% of total trade with a value of ₦20,486.39 billion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (₦10,346.60) and 16.76% compared to the value recorded in Q2 2024 (₦17,545.62).
The report also stated that Nigeria’s exports trade continued to be dominated by crude oil exports during the period.
Crude oil export was valued at ₦13,406.37 billion representing 65.44% of total exports while the value of non-crude oil exports stood at ₦7,080.02 billion accounting for 34.56% of total exports of which non-oil products contributed ₦2,501.85 billion or 12.21% of total exports.
On the other hand, the share of imports accounted for 41.73% of total trade in the third quarter of 2024 with the value of imports amounting to ₦14,674.05 billion in Q3, 2024.
This value indicates an increase of 62.30% compared to the value recorded in Q3 2023 (₦9,041.24 billion) and 8.71% over the value recorded in Q2 2024 (₦13,497.90 billion).
The bureau also stated that during the period, total imports were valued at ₦14,674.05 billion accounting for 41.73% of total trade.
The top-ranked group import was “mineral fuels” with ₦5,140.10 billion representing 35.03% of total imports, this was followed by “machinery and transport equipment” with ₦3,782.19 billion (25.77% of total imports) and “Chemicals & related products” with ₦1,973.01 billion (13.45% of total imports).
It also revealed that Nigeria imported goods mainly from Asia, valued at ₦7,290.86 billion representing 49.69% of total imports.
This was followed by imports from Europe with ₦5,355.92 billion or 36.50%, America with ₦1,440.79 billion or 9.82%, while imports from Oceania stood at with ₦73.91 billion or 0.50% in the third quarter of 2024.
Trade with African countries stood at ₦512.56 billion or 3.49% of total imports; of which imports from ECOWAS countries amounted to ₦72.71 billion or 0.50% of total imports.
The report also revealed that stated imports from China valued ₦3,574.79 billion, representing 24.36% of total imports. This was followed by imports from India with ₦1,662.68 billion (11.33% of total imports), Belgium with imports valued at ₦1,632.89 billion or 11.13% of total imports, United States of America with goods valued at ₦1,024.44 billion (6.98% of total imports) and goods from Malta valued at ₦766.81 billion or 5.23% of total imports.
Total exports during the period accounted for 58.27% of total trade in the third quarter of 2024.
The report revealed that Nigeria exported goods mainly to Europe with goods valued at ₦9,233.35 billion or 45.07% of total exports, followed by exports to Asia valued at ₦5,184.29 billion or 25.31% of total exports, while exports to America was valued at ₦3,378.49 billion representing 16.49% of total exports.
Exports to Africa stood at ₦2,486.00 billion or 12.13% of the total exports; out of which, goods exported to ECOWAS countries was valued at ₦1,540.34 billion.
Analysis of exports according to trading partners revealed that during the quarter under review, the main export destination was Spain with a value of ₦
2,267.83 billion or 11.07% of total exports, followed by exports to The United States of America with ₦1,689.48 billion or 8.25% of total exports, France with ₦1,588.30 billion or 7.75% of total export, The Netherlands with ₦1,434.29 billion or 7.00% of total exports, and exports to Italy with goods valued at ₦1,377.37 billion representing 6.72% of total exports.
These five countries collectively accounted for 40.79% of the value of total exports in Q3, 2024.
