Economy
Nigeria Records N6.45trn Trade Surplus in Q2 2024
By Adedapo Adesanya
Nigeria recorded a trade surplus of N6.45 trillion in the second quarter of 2024, the latest data from the National Bureau of Statistics (NBS) shows.
A trade surplus occurs when the value of a nation’s exports exceeds its imports. If the import outweighs the export, it is a deficit.
According to the Q2 2024 Foreign Trade in Good Statistics Q2 2024 report, the value of Nigeria’s total imports stood at N12.47 trillion during the period under review while the total exports were valued at N19.4 trillion.
The import data indicated a decrease of 10.71 per cent compared with the value of N13.97 trillion recorded in
Q1, 2024 and a rise of 97.93 per cent from the value recorded in the corresponding quarter of 2023, which was N6.3 trillion.
Export-wise, at N19.42 trillion, this reflected a 1.31 per cent increase compared to N19.18 trillion in Q1 2024 and a 201.76 per cent rise compared to N6,435.13 billion in Q2 2023.
In the second quarter of 2024, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, the United States of America, and The Netherlands.
The most traded commodities during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Butanes and Cane sugar meant for sugar refineries while its top export destinations were Spain, the US, France, India, and The Netherlands.
The most exported commodities included crude oil, liquefied natural gas, and other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.
Between April and June, the value of agricultural goods imported in Q2 2024 was N893.25 billion, reflecting a decrease of 2.96 per cent when compared to N920.54 billion in Q1 2024, and an increase of 96.4 per cent compared to N454.85 billion in Q2 2023.
In Q2 2024, raw material imports were valued at N1,48 trillion, representing a 0.96 per cent increase from N1.47 trillion in Q1 2024 and a significant rise of 160.9 per cent from N567.80 billion in Q2 2023 and solid mineral imports were valued at N96.80 billion, a 35.6 per cent increase from N71.38 billion in the preceding quarter and a 206.1 per cent increase from N31.63 billion in Q2 2023.
In the reviewed quarter, the value of imported manufactured goods was N5.6. trillion, reflecting a 2.8 per cent decline from N5.7 trillion in Q1 2024 and an 84.7 per cent rise from N3.0 trillion in Q2 2023.
Meanwhile, the value of other oil products imports in Q2, 2024 stood at N4.4 trillion showing a decrease of 23.3 per cent from N5,772.35 billion in Q1 2024 and a 98.6 per cent rise from N2.2 trillion in Q2 2023.
For exports, the total value of agricultural goods that Nigeria sent to other countries in Q2 2024 amounted to N973.69 billion, a 5.9 per cent decrease from N1.04 trillion in the preceding quarter of the year and a 246.7 per cent rise from N280.87 billion in Q2 2023.
The value of raw material exports in Q2 2024 was N366.91 billion, a rise of 4.01 per cent from N352.75 billion in Q1 2024 and by 151.9 per cent from N145.62 billion in the same period last year while solid mineral exports were valued at N58.56 billion, a 7.7 per cent decrease from N63.41 billion in Q1 2024 and a 71.8 per cent rise from N34.09 billion in Q2 2023.
The value of manufactured goods exports in Q2 2024 was N480.82 billion, reflecting a 78.9 per cent increase versus N268.70 billion in Q1 2024 and a 126.7 per cent increase from N212.14 billion in Q2 2023 while crude oil exports in Q2 2024 were valued at N14.6 trillion, a decrease of 5.9 per cent compared to N15.5 trillion in Q1 2024 and increased by 190.9 per cent from N5.00 trillion in Q2 2023.
Other oil product exports in Q2 2024 stood at N2.9 trillion, showing an increase of 53.3 per cent from N1.9 trillion in Q1 2024 and a 293.5 per cent rise from N740.74 billion in Q2 2023.
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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