Trade Surplus In Nigeria Hits N5.81 Trillion

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Nigeria recorded a N5.81tn trade surplus in the third quarter of 2024, boosted by higher export earnings but down from the N6.95tn surplus in the previous quarter as reported by the National Bureau of Statistics..

The NBS, reported on Friday, that total exports for the quarter surged by 98.00 percent to N20.49tn, compared to N10.35tn in the third quarter of 2023.

This marks a 16.76 percent increase from N17.55tn in the previous quarter, which is the second quarter of 2024.

Nigeria’s export boost in Q3 2024 was driven by crude oil and natural gas, with crude oil exports rising 57.06 percent to N13.41tn. Spain, the U.S., France, the Netherlands, and Italy were the top buyers of Nigeria’s petroleum exports.

Nigeria’s imports in the third quarter of 2024 totaled N14.67tn, up 62.30 percent from N9.04tn in the third quarter of 2023 and 8.71% higher than the previous quarter.

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

China continued to dominate Nigeria’s import trade, followed by India, Belgium, the United States, and Malta.

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