NBS says foreign trade surges to N36.6 trillion in Q4 2024

• The National Bureau of Statistics said Nigeria’s foreign trade surged to N36.6 trillion in the fourth quarter of 2024
• The NBS revealed export and import trends in the quarter
• The top five export destinations were The Netherlands, France, Spain, India, and Indonesia, while China remained the top import source

Nigeria’s foreign trade increased to N36.6 trillion in the fourth quarter (Q4) of 2024, driven by a rise in imports and steady export performance.

This is according to the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics (NBS).

The report noted that total foreign trade of N36.6 trillion in Q4 2024 represented a 68.3 per cent increase from the N21,747.40 billion recorded in Q4 2023 and a 2.2 per cent rise from the N35,818.35 billion recorded in the third quarter (Q3) of 2024.

The country’s trade balance declined in Q4 2024 despite maintaining a trade surplus of N3.42 trillion, representing a 34.9 per cent drop from the previous quarter.

The decline in trade balance was attributed to the continued increase in imports and a marginal drop in export earnings.

“Nigeria’s total merchandise trade stood at N36,604.83 billion in Q4 2024.

“This represents an increase of 68.32 per cent compared to the value (N21,747.40 billion) recorded in the corresponding period of 2023 and a rise of 2.20 per cent over the value recorded in the preceding quarter (N35,818.35 billion),” the report stated.

Export trends in Q4 2024

According to the NBS’ data, total exports in Q4 2024 were valued at N20.01 trillion, representing a 57.7 per cent increase compared to the same period in 2023.

However, the country’s exports declined by 2.55 per cent from the N20.54 trillion recorded in the Q3 2024.

The exportation of crude oil was the highest export in the quarter, accounting for 68.87 per cent of total exports with a value of N13.78 trillion.

The value of crude oil export showed a 33.7 per cent increase from that recorded in Q4 2023 and a 2.8 per cent rise from Q3 2024.

Other exports that contributed to Nigeria’s exports in the quarter include liquefied natural gas, petroleum gases, superior quality cocoa beans, and urea.

Top 5 export destinations in Q4 2024

The report showed that the top five export destination countries collectively accounted for 43.7 per cent of Nigeria’s total exports in Q4 2024.

According to the data, The Netherlands emerged as Nigeria’s largest export destination in Q4 2024, receiving N2.09 trillion worth of goods, representing 10.44 per cent of total exports.

France followed with N1.91 trillion worth of goods, while Spain recorded N1.74 trillion. India and Indonesia were also among the top five export partners, with N1.60 trillion and N1.41 trillion in trade, respectively.

Nigeria’s imports in Q4 2024 increased by 83.2 per cent

In Q4 2024, Nigeria’s total imports increased by 83.2 per cent from the N9.05 trillion recorded in Q4 2020 to N16.59 trillion.

The Q4 2024 total imports bill represents an 8.57 per cent increase from the N15.28 trillion recorded in Q3 2024.

Mineral product imports dropped from N5.84 trillion in Q3 2024 to N4.92 trillion in Q4 2024. On the other hand, agricultural imports increased by 53.4 per cent to N1.09 trillion compared to the same period in 2023.

Raw material imports rose to N2.11 trillion, indicating a 118.2 per cent year-on-year increase. The highest import growth was recorded by manufactured goods, which increased by 113.3 per cent to N8.47 trillion compared to the same period in 2023.

China is the top import source

An analysis of the foreign trade data showed that China remained Nigeria’s top import source, accounting for N4.61 trillion, which is 27.8 per cent of total imports.

China is followed by India with N1.90 trillion. Belgium accounted for N1.39 trillion, while the United States and France contributed N1.06 trillion and N601.28 billion, respectively.

Trade policies boost Nigeria’s export growth to N6.9tn — FG

Meanwhile, TheRadar earlier reported that the Federal Government announced significant progress in Nigeria’s export sector, with trade policies and facilitation programmes leading to a surge in the country’s trade balance.

According to government officials, Nigeria’s trade surplus reached N6.5 trillion in the second quarter of 2024, driven by strong export performance.