Nigeria recorded a 209.6 per cent increase in its trade surplus to N18.86 trillion in 2024 from N6.09 trillion in 2023.
The National Bureau of Statistics, NBS, disclosed this in its Foreign Trade statistics report for the fourth quarter of 2024 (Q4’24).
According to the bureau, total merchandise trade stood at N138 trillion in 2024 rising by 55 per cent YoY from N88.8 trillion in 2023.
This consisted of imports valued at N60.6 trillion, up by 96 per cent, YoY from N30.86 trillion in 2023, while exports rose 115 per cent YoY to N77.4 trillion from N35.96 trillion in 2023.
Further analysis of data contained in the report showed that Nigeria’s trade with the Economic Community of West African States (ECOWAS) member states rose by 159.8 per cent year-on-year (YoY) to N6.08 trillion in 2024 from N2.34 trillion in 2023.
The data showed that exports to ECOWAS rose by 161 per cent YoY to N5.64 trillion in 2024 from N2.17 trillion in 2023.
Similarly, the value of imports from ECOWAS grew by 160.7 percent YoY to N438.56 billion in 2024 from N168.22 billion in 2023.
Further analysis of quarterly trend showed that the country’s trade with ECOWAS stood at N1.4 trillion in the first quarter of 2024 (Q1’24), rose by 31.4 per cent to N1.84 trillion in Q2’24 but fell by 12 per cent to N1.62 trillion in Q3’24 and also by 22.8 per cent to N1.2 trillion in Q4’24.
NBS said: “Exports to ECOWAS member states totaled N1.2 trillion while imports amounted to N77.10 billion.
“Further analysis of trading patterns in the region revealed that Nigeria’s main trading export partner in Q4, 2024 was Ivory Coast with N756.37 billion worth of goods, followed by exports to Senegal Republic (N236.87 billion), Togo (N47.97 billion), Ghana (N36.26 billion), and Benin, Republic with N31.56 billion altogether representing 94.33 per cent of total export to ECOWAS countries.
“In the same vein, Nigeria’s major trading import partner within ECOWAS was Ivory Coast (N41.40 billion), followed by Ghana (N22.96 billion), Liberia (N4.04 billion), Niger Republic (N2.62 billion) and Togo of (N2.21 billion) representing (90.45 per cent) of total imports from the ECOWAS region.
“Analysis by commodities showed that the main commodities exported to ECOWAS countries in Q4 2024 were Petroleum oils and oils obtained from bituminous minerals worth N911.38 billion or 77.52 per cent of total exports to ECOWAS countries, Electrical energy valued at N75.66 billion or 6.44 per cent, Dredgers valued at N73.99 billion or 6.29 per cent, Cigarettes containing tobacco worth N27.24 billion or 2.32 per cent of total exports to the region and Other Liquefied petroleum gases and other gaseous hydrocarbons valued at N10.81 billion or 0.92 percent of total exports to the region.
“The top five exported products represent 93.49 per cent of the total exports to the ECOWAS region.
“On the other hand, Nigeria’s imports from ECOWAS countries were mainly Crude palm oil valued at N10.13 billion or 22.39 per cent, Petroleum bitumen valued at N14.38 billion or 17.76 percent, Cocoa powder, containing added sugar or other sweetening matter worth N8.13 billion or 10.04 per cent, Beauty or makeup preparations valued at N4.93 billion or 6.09 percent, and other Liquefied petroleum gases and other gaseous hydrocarbons worth N4.01 billion or 4.95 per cent of total export from ECOWAS region.”
