Nigeria has reported an impressive trade surplus of N5.81 trillion for the third quarter of 2024, according to the National Bureau of Statistics (NBS).
The latest foreign trade statistics reveal that Nigeria’s merchandise trade in Q3 2024 reached a total value of N35.16 trillion, reflecting an 81.35 percent increase compared to the same period last year.
This surge in trade was primarily fueled by exports, which surged by 98 percent, totaling N20.49 trillion, compared to N10.35 trillion in Q3 2023.
The growth in exports represents a 16.76 percent increase from the preceding quarter, Q2 2024, when exports stood at N17.55 trillion.
Speaking on the significant growth, the NBS noted that the expansion of Nigeria’s export earnings was primarily driven by crude oil exports, which accounted for N13.41 trillion, a 57.06 percent increase compared to the same period in 2023.
Also, liquefied natural gas (LNG) and petroleum gas exports saw a staggering 303.93 percent rise, totaling N4.58 trillion.
Agricultural exports also performed exceptionally well, recording a 301.87 percent increase, reaching N884.07 billion. This was despite a slight decline of 9.20 percent from the previous quarter.
Exports of solid minerals and manufactured goods also saw impressive growth, rising by 86.58 percent and 419.93 percent, respectively.
The report further reveals that Spain emerged as Nigeria’s largest export partner, followed by the United States, France, the Netherlands, and Italy. These countries largely benefited from Nigeria’s crude oil, LNG, and other petroleum exports.
On the import side, Nigeria’s import bill for Q3 2024 reached N14.67 trillion, marking a 62.30 percent increase from the N9.04 trillion recorded in Q3 2023. Imports also increased by 8.71 percent from the previous quarter.
The rise in imports was mainly attributed to an increase in the importation of manufactured goods, which rose by 76.44 percent to N6.98 trillion, and raw materials, which saw a 66.11 percent rise to N1.58 trillion.
China continued to dominate Nigeria’s import trade, with India, Belgium, the United States, and Malta following closely behind. Notably, key imports included motor spirit, gas oil, durum wheat, and used vehicles.
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Despite the rise in both exports and imports, Nigeria’s trade surplus for Q3 2024 highlights a positive balance of trade, underscoring the country’s growing economic potential, driven primarily by its oil and gas sector.
However, experts have cautioned that the surge in imports, especially manufactured goods, may put pressure on the nation’s foreign exchange reserves.
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