Data released by the National Bureau of Statistics (NBS) showed that Nigeria’s trade surplus with members of the Economic Community of West African States (ECOWAS) rose by 216 per cent, year-on-year to N1.14 trillion in the first quarter of 2024.
The figure rose by 213 per cent to N1.25 trillion in Q1’24 from N399.19 billion in Q1’23.
Conversely, Nigeria’s import from ECOWAS countries rose by 167 per cent to N113.04 billion in Q1’24 from N42.296 billion in Q1’23.
According to the NBS, Nigeria’s main trading export partners were Ivory Coast (N744.59 billion), Senegal (N361.29 billion), Benin (N55.67 billion), Togo (N38.01 billion) and Ghana (N33.75 billion), all representing 98.61 per cent of total export to ECOWAS countries.
Nigeria’s major import trade partner within ECOWAS in the period under review were Ivory Coast (N51.41 billion), Togo (N40.86 billion), Ghana (N13.61 billion), Liberia (N3.96 billion) and Benin Republic (N1.04 billion) representing 98.10 per cent of total imports from the ECOWAS region.
“Exports to ECOWAS member states totalled N1, 250.71 billion, while imports amounted to N113.04 billion,” the NBS stated.
The statistics agency further disclosed that the country’s main commodities exported to ECOWAS countries during the period under review were petroleum oils and oils obtained from bituminous minerals amounting to N1,074.70 billion (85.93 per cent of total exports; electrical energy (optional heading) N58.65 billion (4.69 per cent), urea, whether or not in aqueous solution, N29.45 billion (2.35 per cent); flours and meals of soya beans, N9.20 billion (0.74 per cent)), and others excluding white cement, N6.66 billion (or 0.53 per cent).
“The top five exported products represent 94.24percent of the total exports to the ECOWAS region,” NBS added.
