Business & Economy
Nigeria’s Trade Reaches N35.2 Trillion in Q3 as Surplus Grows to N5.8 Trillion
- The significant growth in exports contributed to a positive merchandise trade balance of N5.8 trillion for Q3 2024, representing a 43.6 percent increase from the previous quarter.
- Nigeria’s primary import sources included Asia (N7.3 trillion, 49.7 per cent of total imports), Europe (N5.4 trillion, 36.5 per cent), and America (N1.4 trillion, 9.8 per cent).
The National Bureau of Statistics (NBS) recently released data indicating that Nigeria’s total merchandise trade reached N35.2 trillion in the third quarter of 2024, signifying an impressive 81.4 percent growth from the same period in 2023 and a 13.26 percent increase over the previous quarter.
Eko Hot Blog reports that exports made up 58.3 per cent of the total trade, amounting to N20.5 trillion, and experiencing a 98 percent surge compared to the value recorded in the third quarter of 2023 (N10.34 trillion) and a 16.8 percent increase from Q2 2024 (N17.5 trillion).
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Conversely, imports represented 41.7 per cent of total trade during Q3 2024, amounting to N14.7 trillion.
This figure reflects a 62.3 percent rise when compared to Q3 2023 (N9.04 trillion) and an 8.7 percent increase from Q2 2024 (N13.5 trillion).
The significant growth in exports contributed to a positive merchandise trade balance of N5.8 trillion for Q3 2024, representing a 43.6 percent increase from the previous quarter.
A more detailed examination of Nigeria’s trade in the third quarter of 2024 revealed that the nation’s export trade was still dominated by crude oil exports, amounting to N13.4 trillion and representing 65.4 per cent of total exports.
Non-crude oil exports were valued at N7.08 trillion, accounting for 34.6 per cent of total exports, with non-oil products contributing N2.5 trillion or 12.2 per cent.
Total imports in Q3 2024 were valued at N14.7 trillion, representing 41.7 per cent of the total trade.
Mineral fuels emerged as Nigeria’s top-ranked group import at N5.14 trillion (35.0 per cent of total imports), followed by machinery and transport equipment with N3.8 trillion (25.8 per cent) and chemicals & related products with N1.9 trillion (13.5 per cent).
Nigeria’s primary import sources included Asia (N7.3 trillion, 49.7 per cent of total imports), Europe (N5.4 trillion, 36.5 per cent), and America (N1.4 trillion, 9.8 per cent).
Imports from Oceania were valued at N73.91 billion (0.5 per cent), while African trade amounted to N512.56 billion (3.49 per cent of total imports), with ECOWAS countries accounting for N72.71 billion (0.5 per cent).
An analysis of Nigeria’s trading partners during the third quarter of 2024 revealed that China was the country’s primary import source, with goods valued at N3.6 trillion (24.4 per cent of total imports).
Other major import partners included India (N1.7 trillion, 11.3 per cent), Belgium (N1.6 trillion, 11.1 per cent), the United States of America (N1.02 trillion, 6.9 per cent), and Malta (N766.81 billion, 5.2 per cent).
Regarding exports, mineral products emerged as Nigeria’s primary export sector, valued at N18.1 trillion (88.5 per cent of total export value).
Other significant export sectors included prepared foodstuffs; beverages, spirits, and vinegar; tobacco (N722.66 billion, 3.5 per cent of total exports), and vehicles, aircraft, and parts thereof; vessels (N667.11 billion, 3.3 per cent of total exports).
A regional breakdown of exports showed that Nigeria primarily exported goods to Europe (N9.2 trillion, 45.1 per cent of total exports), Asia (N5.2 trillion, 25.3 per cent), and America (N3.4 trillion, 16.5 per cent).
Exports to African countries totaled N2.5 trillion (12.1 per cent of total exports), with ECOWAS countries receiving N1.5 trillion worth of goods.
An analysis of Nigeria’s export destinations during the third quarter of 2024 indicated that Spain was the primary recipient, with exports valued at N2.3 trillion (11.1 per cent of total exports).
Other major export partners included the United States (N1.7 trillion, 8.3 per cent), France (N1.6 trillion, 7.8 per cent), the Netherlands (N1.4 trillion, 7 per cent), and Italy (N1.4 trillion, 6.7 per cent).
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Collectively, the NBS noted that these five countries accounted for 40.8 per cent of Nigeria’s total exports during Q3 2024.
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