Nigeria Records N6.52 Trillion Trade Surplus in Q1 2024

 

Nigerian President, Ahmed Bola Tinubu

Nigeria achieved a significant trade surplus of N6.52 trillion in the first quarter of 2024 (Q1 2024), marking a 79 percent quarter-on-quarter (QoQ) increase compared to the N3.64 trillion recorded in the fourth quarter of 2023 (Q4 2023). This data was disclosed by the National Bureau of Statistics (NBS) in its Foreign Trade in Goods Statistics report for Q1 2024.

Impressive Growth in Merchandise Trade

The NBS reported that the total merchandise trade in Q1 2024 stood at N31.8 trillion, reflecting a 46.3 percent QoQ rise from N21.75 trillion in Q4 2023. This also represents a substantial 145.58 percent increase compared to the same period in 2023.

"Nigeria’s total merchandise trade stood at ₦31.8 trillion in Q1 2024, an increase of 46.3 percent over the previous quarter and a 145.58 percent rise from the corresponding period in 2023," the NBS stated.

 

Export and Import Figures 

The report highlighted that exports in Q1 2024 were valued at N19.2 trillion, while imports were at N12.6 trillion.

"Export accounted for 60.3 percent of total trade with a value of ₦19.3 trillion, showing a 51 percent increase from Q4 2023 (₦12.69 trillion) and a 195.5 percent rise from Q1 2023 (₦6.5 trillion)," NBS noted.

 

Dominance of Crude Oil Exports 

Crude oil exports dominated the trade figures, valued at N15.5 trillion, representing 80.8 percent of total exports. Non-crude oil exports stood at N3.7 trillion, accounting for 19.2 percent of total exports, with non-oil products contributing N1.8 trillion or 9.3 percent of total exports.

Rising Import Values 

Imports in Q1 2024 accounted for 39.8 percent of total trade, amounting to N12.64 trillion. This is a 39.65 percent increase from Q4 2023 (N9.05 trillion) and a 95.53 percent rise compared to Q1 2023 (N6.5 trillion).

"The merchandise trade balance for Q1 2024 stood positive at ₦6.52 trillion," the NBS added.

  

Top Trading Partners and Commodities

In Q1 2024, China emerged as Nigeria's top trading partner for imports, followed by India, the United States, Belgium, and The Netherlands. The most traded commodities included motor spirit ordinary, gas oil, durum wheat (not in seeds), cane sugar for sugar refineries, and other liquefied petroleum gases and gaseous hydrocarbons.