Nigeria achieved a trade surplus of N6.94 trillion in the second quarter of 2024, as foreign trade surged to N31.89 trillion. According to a report from the National Bureau of Statistics (NBS), the country exported goods worth N19.4 trillion and imported goods valued at N12.4 trillion during this period.
The total merchandise trade for the quarter amounted to N31.8 trillion, marking a 3.76% decline from the previous quarter but a significant 150.39% increase compared to the same period in 2023.
The report indicates that exports comprised 60.89% of the total trade, showing a slight increase of 1.31% from Q1 2024 and a substantial 201.76% rise from Q2 2023. Crude oil dominated the export sector, accounting for 74.98% of total exports, valued at N14.5 trillion. Non-crude oil exports amounted to N4.85 trillion, making up 25.02% of total exports, with non-oil products contributing N1.94 trillion or 10.01% of total exports.
Key trading partners included Spain, the United States, France, India, and the Netherlands. Prominent exported commodities included crude oil, liquefied natural gas, other petroleum gases, superior-quality cocoa beans, and urea. Agricultural exports totaled N973.6 billion, reflecting a 5.93% decrease from Q1 2024 but a 246.67% increase from Q2 2023.
On the import side, the value decreased to N12.4 trillion from N13.97 trillion in Q1 2024 but showed a 97.93% increase compared to N6.3 trillion in Q2 2023. China remained Nigeria’s top import partner, followed by Belgium, India, the United States, and the Netherlands. Major imported goods included motor spirit, gas oil, durum wheat, butanes, and cane sugar for sugar refining. Agricultural imports amounted to N893.25 billion, representing a 2.96% decrease from Q1 2024 but a 96.38% increase from Q2 2023.
