Economy
Nigeria’s Trade Surplus Jumps 79% to N6.52bn in Q1 2024
By Adedapo Adesanya
Nigeria recorded a further increase in its trade surplus as it hit N6.52 trillion in the first quarter of 2024, marking a significant 79.1 per cent increase from the same period last year.
According to the National Bureau of Statistics (NBS), the country recorded a positive trade balance of N6.52 trillion for the sixth straight quarter in Q1, a 79.1 per cent increase from N3.64 trillion in the previous quarter. It also jumped from N20.9 billion on a year-on-year basis.
This remarkable growth is attributed to a substantial rise in exports, which has boosted the country’s economic performance.
Nigeria’s trade balance measures the difference between its exports against its imports and a positive trade balance occurs when a country’s exports exceed its imports.
Total merchandise trade in Africa’s most populous nation stood at N31.8 trillion in Q1, an increase of 46.3 per cent over the value recorded in the preceding quarter and rose by 145.6 per cent compared to the value recorded in the corresponding period of 2023.
“Data revealed that export accounted for 60.3 per cent of total trade in the reviewed quarter with a value of N19.2 trillion, showing an increase of 51 per cent compared to the value recorded in Q4 (N12.7 trillion) and by 195.5 per cent over the value recorded in Q1 2023 (N6.48 trillion),” the NBS report said.
It said exports trade in Q1 was dominated by crude oil exports valued at N15.4 trillion representing 80.8 per cent of total exports while the value of non-crude oil exports stood at N3.68 trillion accounting for 19.20 per cent of total exports; of which non-oil products contributed N1.78 trillion or 9.28 per cent of total exports.
“On the other hand, the share of total imports accounted for 39.7 per cent of total trade in Q1 with the value of imports amounting to N12.6 trillion. This value indicates an increase of 39.6 per cent over the value recorded in Q4 (N9.05 trillion) and rose by 95.5 per cent compared to the value recorded in Q1 2023 (N6.47 trillion).”
China ranked highest among Nigeria’s top trading partners on the import side in the period, followed by India, the United States of America, Belgium, and The Netherlands.
The most traded commodities were Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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