September 11, (THEWILL) – Nigeria recorded a trade surplus of N6.95 trillion in the second quarter of 2024, representing a 6.60% increase from the previous quarter which had a surplus of N6.52 trillion.
However, Nigeria’s total merchandise trade in Q2 2024 stood at N31.89 trillion, representing a 3.76% decline compared to the preceding quarter (Q1 2024) but marked a 150.39% rise from the corresponding period in 2023.
This is according to a report released by the National Bureau of Statistics (NBS) on Wednesday, which shows a decline in Nigeria’s imports.
Nigeria’s export sector continues to be the primary driver of its trade surplus, mainly by crude oil. In Q2 2024, total exports stood at N19.42 trillion, accounting for 60.89% of the country’s total trade.
This represents a 1.31% increase from N19.17 trillion recorded in the first quarter and a 201.76% surge from N6.44 trillion recorded in Q2 2023.
The dominance of crude oil exports remains a key factor in this performance, contributing N14.56 trillion or 74.98% of total exports.
Non-crude oil exports, valued at N4.86 trillion, made up 25.02% of the total export value, with non-oil products contributing N1.94 trillion.
The strong export performance, particularly in crude oil, ensured that Nigeria maintained a favourable trade balance.
According to the report, in Q2 2024, Nigeria’s top export destinations were dominated by European and American countries. Spain emerged as the largest export partner, receiving goods valued at N2.01 trillion, and accounting for 10.34% of Nigeria’s total exports.
The United States followed closely with N1.86 trillion (9.56%), while France imported N1.82 trillion worth of Nigerian goods, representing 9.37% of total exports.
Other significant export partners include India (N1.65 trillion or 8.50%) and the Netherlands (N1.38 trillion or 7.10%).
Collectively, these top five export partners contributed 44.87% of Nigeria’s total exports during the second quarter of 2024.
“Nigeria’s total merchandise trade stood at N31,892.46 billion in Q2 2024, representing a decrease of 3.76% over the value recorded in the preceding quarter and a rise of 150.39% compared to the value recorded in the corresponding period of 2023.
“In the quarter under review, exports accounted for 60.89% of total trade with a value of N19,418.93 billion, showing a marginal increase of 1.31% compared to the value recorded in Q1 2024 (N19,167.36) and a 201.76% rise over the value recorded in the second quarter of 2023 (N6,435.13).
“Nigeria’s exports trade continued to be dominated by crude oil exports. In the second quarter of 2024, crude oil export was valued at N14,559.56 billion, representing 74.98% of total exports while the value of non-crude oil exports stood at N4,859.37 billion, accounting for 25.02% of total exports; of which non-oil products contributed N1,944.25 billion or 10.01% of total exports,” the NBS report stated.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
