Nigeria's trade balance for the third quarter of 2024 has revealed a significant surplus of ₦5.81 trillion, marking a positive trade performance as exports outpaced imports. According to the National Bureau of Statistics (NBS), Nigeria's exports totaled ₦20.48 trillion, while imports amounted to ₦14.67 trillion.
In its Foreign Trade in Goods Statistics report for Q3 2024, the NBS noted that the country’s total merchandise trade increased by 81% compared to Q3 2023, rising from ₦19.38 trillion to ₦35.16 trillion. This was also a 13.26% rise from the previous quarter.
Exports played a dominant role in the trade surplus, accounting for 58.27% of total trade. The value of exports in Q3 2024 was ₦20.48 trillion, an increase of 98% from the same period in 2023. Crude oil exports made up a large portion of this, valued at ₦13.4 trillion, representing 65.44% of total exports. Non-crude oil exports, including gas, reached ₦7 trillion, while non-oil products such as agricultural goods contributed ₦2.5 trillion.
Imports in the same period amounted to ₦14.67 trillion, a 62.3% increase from Q3 2023 and an 8.7% rise from Q2 2024. Imports represented 41.73% of total trade in Q3 2024.
The report also highlighted Nigeria's key trading partners. Spain led the list as the largest export destination, accounting for 11.07% of total exports, followed by the United States, France, the Netherlands, and Italy. These five countries collectively accounted for 40.79% of Nigeria's total exports.
On the import side, China remained Nigeria's largest trading partner, accounting for 24.36% of the country’s total imports, followed by India, Belgium, the United States, and Malta.
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