Nigeria recorded a trade surplus of N5.81tn in the third quarter of 2024, reflecting a notable increase in export earnings, according to the National Bureau of Statistics.
However, this figure represents a decline compared to the N6.95tn surplus achieved in the previous quarter.
The NBS, in its foreign trade statistics report released on Friday, highlighted that the nation’s merchandise trade for Q3 2024 reached a total of N35.16tn.
This marked an 81.35 per cent surge compared to the same period in 2023 and a 13.26 per cent growth from Q2 2024.
Exports for the quarter rose sharply to N20.49tn, a 98.00 per cent increase compared to N10.35tn in Q3 2023. This also represented a 16.76 per cent rise from N17.55tn recorded in Q2 2024.
The report stated, “Total exports in Q3 2024 were valued at N20.49tn, reflecting a 98.00 per cent rise compared to N10.35tn in the corresponding quarter of 2023 and a 16.76 per cent increase compared to N17.55tn in Q2 2024.”
A significant portion of this export growth was driven by crude oil and natural gas, which continue to play a central role in Nigeria’s foreign exchange earnings. Crude oil exports alone accounted for N13.41tn, a 57.06 per cent jump from the N8.54tn recorded in Q3 2023.
Other petroleum-related products, including liquefied natural gas, experienced a massive 303.93 per cent growth, amounting to N4.58tn.
Agricultural exports also witnessed remarkable growth, climbing 301.87 per cent to N884.07bn compared to N219.99bn in Q3 2023. However, this figure reflected a slight 9.20 per cent dip from Q2 2024. Exports of solid minerals rose by 86.58 per cent, while manufactured goods recorded an impressive 419.93 per cent increase.
Spain emerged as Nigeria’s top export destination during Q3 2024, followed by the United States, France, the Netherlands, and Italy. These nations primarily imported crude oil, LNG, and other petroleum products.
On the imports front, Nigeria’s total import value for the quarter reached N14.67tn, a 62.30 per cent increase from N9.04tn in Q3 2023 and an 8.71 per cent rise from Q2 2024.
The NBS report noted, “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).”
The increase in imports was mainly attributed to manufactured goods, which grew by 76.44 per cent to N6.98tn, and raw materials, which rose by 66.11 per cent to N1.58tn.
Agricultural imports also saw an uptick, reaching N882.24bn, a 37.06 per cent increase from the same period in 2023.
China maintained its position as Nigeria’s leading import partner, followed by India, Belgium, the United States, and Malta. Key imported items included motor spirit, gas oil, durum wheat, and used vehicles.
