Nigeria’s trade surplus hits N5.81 trillion in Q3 2024 – NBS

• The National Bureau of Statistics says Nigeria’s trade surplus reached N5.81 trillion in Q3 2024
• Crude oil and gas were major exports
• Nigeria’s import bill increased by 62.30 per cent to N14.67 trillion in the quarter

The National Bureau of Statistics says Nigeria recorded a trade surplus of N5.81 trillion in the third quarter (Q3) of 2024.

The surplus, which signposts increased export earnings, is less than the N6.95 trillion trade surplus recorded in the previous quarter (Q2) of 2024.

According to the NBS’s foreign trade statistics released on Friday, December 6, Nigeria’s merchandise trade for the Q3 2024 saw a total value of N35.16 trillion, an 81.35 per cent increase compared to the same period in 2023 and a 13.26 per cent rise from Q2 2024.

The report also stated that total exports for the quarter increased by 98.00 per cent to N20.49 trillion, compared to N10.35 trillion recorded in Q3 2023.

The amount is a 16.76 per cent increase from N17.55 trillion recorded in Q2 2024.

“Total exports in Q3 2024 were valued at N20.49 trillion, reflecting a 98.00 per cent rise compared to N10.35 trillion in the corresponding quarter of 2023 and a 16.76 per cent increase compared to N17.55 trillion in Q2 2024,” the NBS report read.

Crude oil and natural gas exports are major contributors

The boost in exports in the quarter was mainly driven by Nigeria’s crude oil and natural gas exports, which are key contributors to the country’s foreign exchange earnings.

According to the report, crude oil exports amounted to N13.41 trillion, representing a 57.06 per cent increase from N8.54 trillion recorded in Q3 2023.

Exports of other oil products, including liquefied natural gas and petroleum gases, surged by 303.93 per cent to total N4.58 trillion.

Agricultural exports also increased 301.87 per cent to reach N884.07 billion compared to the N219.99 billion recorded in Q3 2023.

The amount represents a 9.20 per cent decline from what was recorded in the previous quarter.

Solid minerals and manufactured goods exports also rose by 86.58 per cent and 419.93 per cent, respectively, within the period.

Import versus export bill

In Q3 2024, Nigeria exported crude oil, LNG and other petroleum exports more to Spain, followed by the United States, France, the Netherlands, and Italy.

During the quarter, Nigeria’s total import bill increased by 62.30 per cent to N14.67 trillion from N9.04 trillion recorded in Q3 2023. The amount is 8.71 per cent higher than the N13.5 trillion that was recorded in Q2 2024.

The report read, “The value of total imports stood at N14.67 trillion in the third quarter of 2024, representing a rise of 62.30 per cent from the value recorded in the corresponding quarter of 2023 (N9.04 trillion) and increased by 8.71 per cent compared with the value recorded in Q2, 2024 (N13.5 trillion).”

In Q3 2024, the importation of manufactured goods increased by 76.44 per cent to N6.98 trillion, raw materials importation increased by 66.11 per cent to N1.58 trillion, and the importation of agricultural products increased by 37.06 per cent to N882.24 billion, compared to Q3 2023.

Nigeria imported more from China, followed by India, Belgium, the United States, and Malta. The country imported such goods as motor spirit, gas oil, durum wheat, and used vehicles from these countries.

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

Meanwhile, TheRadar 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.