Nigeria Logs N5.81trn Trade Surplus in Q3 2024
Exports Surge 98%, Outpacing Imports in Robust Economic Performance
The National Bureau of Statistics (NBS) has reported a trade surplus for Nigeria in the third quarter of 2024, with exports outweighing imports and signaling a positive economic momentum.
The bureau’s report reveals that Nigeria’s total merchandise trade reached N35.16 trillion, marking an impressive 81.35% increase compared to the same period in 2023. Exports totaled N20.48 trillion, while imports stood at N14.67 trillion, generating a trade surplus of N5.81 trillion.
Crude oil continued to dominate export trade, accounting for 65.44% of total exports at N13.4 trillion. Non-crude oil exports, including gas, contributed N7 trillion, representing 34.56% of total exports.
Spain emerged as the top export destination, accounting for 11.07% of total exports, followed by the United States, France, The Netherlands, and Italy. These five countries collectively represented 40.79% of Nigeria’s export value in the quarter.
On the import side, China remained the major trading partner, accounting for 24.36% of imported goods, valued at N3.57 trillion.
