According to the latest data from the National Bureau of Statistics (NBS), Nigeria recorded a trade surplus of N5.81tn in the third quarter of 2024, reflecting a remarkable rise in export earnings.
The NBS in its foreign trade statistics report on Friday noted that Nigeria’s merchandise trade for the Q3 2024 was a total value of N35.16tn, marking an 81.35 per cent increase compared to the same period in 2023 and a 13.26 per cent rise from the previous quarter.
Total exports for the quarter surged by 98.00 percent to N20.49tn, compared to N10.35tn in Q3 2023.
This marks a 16.76 per cent increase from N17.55tn in the preceding quarter, Q2 2024.
The NBS report read, “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.”
The significant boost in exports was primarily driven by Nigeria’s crude oil and natural gas exports, which remain key contributors to the country’s foreign exchange earnings.