The National Bureau of Statistics (NBS) says Nigeria recorded N3.42 trillion trade surplus in the fourth quarter (Q4) of 2024.
According to the NBS’s international trade report for Q4 2024, Nigeria’s exports reached N20.01 trillion, while imports were N16.59 trillion.
A trade surplus is an economic indicator indicating a favourable trade balance in which a nation’s exports exceed its imports.
According to the agency, total commerce in Q4 was N36.6 trillion, up 2.20 percent from N35.8 trillion in the third quarter (Q1) of the year.
“Nigeria’s total merchandise trade stood at N36,604.83 billion in Q4, 2024. This represents an increase of 68.32% compared to the value (N21,747.40) recorded in the corresponding period of 2023 and a rise of 2.20% over the value recorded in the preceding quarter (N35,818.35),” NBS said.
“In the quarter under review, exports accounted for 54.68% of total trade with a value of N20,014.33 billion, showing an increase of 57.67% rise over the value recorded in the fourth quarter of 2023 (N12,693.62) and a decrease of 2.55% compared to the value recorded in Q3 2024 (N20,537.17).”
According to NBS, crude oil continues to dominate export commerce in the quarter under review.
According to the statistics firm, crude oil exports totalled N13.78 trillion, or 68.87 percent of overall exports, while non-crude oil exports totalled N6.23 trillion, or 31.13 percent of total exports.
According to NBS, non-oil items accounted for N2.84 trillion, or 4.20 percent, of total exports.
The NBS said that the Netherlands was Nigeria’s top export destination in Q4, followed by Spain, France, India, and Indonesia.
“The main export destination was The Netherlands with a value of N 2,089.96 billion or 10.44% of total exports, followed by exports to France with N1,909.76 billion or 9.54% of total exports, Spain with N1,737.68 billion or 8.68% of total export,” NBS said.
“India with N1,596.66 billion or 7.98% of total exports, and exports to Indonesia with goods valued at N1,406.77 billion representing 7.03% of total exports.
“These five countries collectively accounted for 43.67% of the value of total exports in Q4, 2024.”
In terms of imports, the bureau said that China remained Nigeria’s top trading partner, accounting for 27.80 percent (N4 61 trillion) of imported products.
Other top five import routes included India (N1.89 trillion, or 11.43 percent), Belgium (N1.38 trillion, or 8.35 percent), the United States (N1.05 billion, or 6.33 percent), and France (N501 billion, or 3.62%).
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