Economy
Nigeria’s Trade Hits N35.2trn in Q3 2024 as Surplus Expands to N5.8trn
By Adedapo Adesanya
According to the latest data from the National Bureau of Statistics (NBS), Nigeria’s total merchandise trade stood at N35.2 trillion in the third quarter of 2024, representing an increase of 81.4 percent from the value recorded in the corresponding period of 2023 and a rise of 13.26 percent over the value recorded in the preceding quarter.
In the quarter under review, exports accounted for 58.3 per cent of total trade with a value of N20.5 trillion, showing an increase of 98 per cent rise over the value recorded in the third quarter of 2023 (N10.34 trillion) and 16.8 per cent compared to the value recorded in Q2 2024 (N17.5 trillion).
On the other hand, the share of imports accounted for 41.7 per cent of total trade in the third quarter of 2024, with the value of imports amounting to N14.7 trillion in Q3 2024.
This value indicates an increase of 62.3 per cent compared to the value recorded in Q3 2023 (N9.04 trillion) and 8.7 per cent over the value recorded in Q2 2024 (N13.5 illion).
With Nigeria’s exports outweighing its import, the merchandise trade balance for Q3 2024 remained positive at N5.8 trillion indicating an increase of 43.6 per cent compared to the value recorded in the preceding quarter.
A further breakdown showed that Nigeria’s exports trade continued to be dominated by crude oil exports, in the third quarter of 2024. Crude oil export was valued at N13.4 trillion representing 65.4 per cent of total exports while the value of non-crude oil exports stood at N7.08 trillion accounting for 34.6 per cent of total exports; of which non-oil products contributed N2.5 trillion or 12.2 per cent of total exports.
During the third quarter of 2024, total imports were valued at N14.7 trillion accounting for 41.7 per cent of total trade.
Nigeria’s top-ranked group import was mineral fuels with N5.14 trillion representing 35.0 per cent of total imports, this was followed by machinery and transport equipment with N3.8 trillion (25.8 per cent of total imports) and chemicals & related products with N1.9 trillion (13.5 per cent of total imports).
Nigeria imported goods mainly from Asia, valued at N7.3 trillion representing 49.7 per cent of total imports. This was followed by imports from Europe with N5.4 trillion or 36.5 per cent, America with N1.4 trillion or 9.8 per cent, while imports from Oceania stood at with N73.91 billion or 0.5 per cent in the third quarter of 2024.
Trade with African countries stood at N512.56 billion or 3.49 per cent of total imports; of which imports from ECOWAS countries amounted to N72.71 billion or 0.5 per cent of total imports.
Analysis by trading partners reveals that imports from China were valued at N3.6 trillion, representing 24.4 per cent of total imports. This was followed by imports from India with N1.7 trillion (11.3 per cent of total imports), Belgium with imports valued at N1.6 trillion or 11.1 per cent of total imports, United States of America with goods valued at N1.02 trillion (6.9 per cent of total imports) and goods from Malta valued at N766.81 billion or 5.2 per cent of total imports.
Exports by section revealed that Nigeria exported mainly mineral products valued at N18.1 trillion, or 88.5 per cent of the total export value, this was followed by exports of prepared foodstuffs; beverages, spirits and vinegar; tobacco worth N722.66 billion or 3.5 per cent of the value of total exports and vehicles, aircraft and parts thereof; vessels, with N667.11 billion or 3.3 per cent of the value of total exports.
Exports trade by region shows that Nigeria exported goods mainly to Europe with goods valued at N9.2 trillion or 45.1 per cent of total exports, followed by exports to Asia valued at N5.2 trillion or 25.3 per cent of total exports, while exports to America was valued at N3.4 trillion representing 16.5 per cent of total exports.
Exports to Africa stood at N2.5 trillion or 12.1 per cent of the total exports; out of which, good exported to ECOWAS countries was valued at N1.5 trillion.
Analysis of exports according to trading partners revealed that during the quarter under review, the main export destination was Spain with a value of N2.3 trillion or 11.1 per cent of total exports, followed by exports to the US with N1.7 trillion or 8.3 per cent of total exports, France with N1.6 trillion or 7.8 per cent of total export, the Netherlands with N1.4 trillion or 7 per cent of total exports, and exports to Italy with goods valued at N1.4 billion representing 6.7 per cent of total exports.
The NBS noted that these five countries collectively accounted for 40.8 per cent of the value of total exports in Q3, 2024.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
