In the third quarter of 2024, Nigeria saw a trade surplus of N5.81tn, indicating a significant increase in export earnings compared to the same period in 2023. Despite this positive outcome, the surplus was lower than the previous quarter’s N6.95tn.
The National Bureau of Statistics reported that Nigeria’s total merchandise trade for Q3 2024 amounted to N35.16tn, an 81.35% increase from the previous year and a 13.26% rise from the previous quarter. Exports for the quarter surged by 98.00% to N20.49tn, with crude oil and natural gas exports playing a crucial role in driving the boost in foreign exchange earnings.
Crude oil exports alone reached N13.41tn, a significant increase from the previous years. Other oil products like liquefied natural gas and petroleum gases also saw a substantial rise, totaling N4.58tn. Agricultural exports experienced a remarkable surge of 301.87%, reaching N884.07bn, despite a slight decline from the previous quarter.
Exports of solid minerals and manufactured goods also witnessed significant growth, increasing by 86.58% and 419.93% respectively. Major export partners for Nigeria in Q3 2024 included Spain, the United States, France, the Netherlands, and Italy, benefitting from Nigeria’s crude oil, LNG, and petroleum exports.
On the import side, Nigeria’s total import bill for Q3 2024 was N14.67tn, up by 62.30% from the same period in 2023. Manufactured goods and raw materials drove the increase in imports, with other notable imports including agricultural products. Key import trading partners for Nigeria included China, India, Belgium, the United States, and Malta, with goods like motor spirit, gas oil, durum wheat, and used vehicles being prominently imported.