Nigeria records over $3.6 billion trade surplus in third quarter of 2024 as exports surge
Nigeria recorded a significant trade surplus of 5.81 trillion naira (approximately $3.67 billion) in the third quarter of 2024, according to the latest report from the National Bureau of Statistics (NBS).
The NBS released its foreign trade statistics on Friday, December 6, showing that Nigeria's total merchandise trade for Q3 2024 hit 35.2 trillion naira ($22.2 billion), representing an 81.35% increase from the same period in 2023 and a 13.26% rise compared to the previous quarter.
Exports accounted for 58.27% of the total trade, amounting to 20.5 trillion naira (about $12.9 billion). This marks a remarkable 98% increase compared to Q3 2023. Crude oil maintained its dominance, contributing 65.44% of total exports, with its value reaching 13.4 trillion naira (approximately $8.48 billion)—a 57.06% rise from the same period last year.
However, non-crude oil exports saw impressive growth as well, with agricultural goods like cocoa and manufactured goods contributing to a diversification in the export portfolio. Non-crude oil exports totalled 7 trillion naira (around $4.43 billion), while manufactured goods exports surged by an astounding 419.93% to 1 trillion naira (about $633 million).
Nigeria's imports totalled 14.67 trillion naira (about $9.28 billion) in Q3 2024, reflecting a 62.30% increase from Q3 2023. Notably, China, India, and Belgium continued to be Nigeria's leading trade partners.
Key imported commodities included motor spirit, gas oil, and used vehicles, with manufactured goods seeing a 76.44% increase in imports to reach 6.98 trillion naira (about $4.41 billion).
