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
The Nigerian National Petroleum Company (NNPC) Limited has revealed that Nigeria’s crude total oil and condensate production stood at 1.61.
This was contained in its Monthly Report Summary for April 2025 which contained key operational and financial metrics.
According to the state oil firm, this was 3.2 per cent higher than 1.56 million barrels of oil per day recorded in March.
Giving a breakdown of the monthly production figures, total crude oil and condensate production was out at 1.67 million barrels of oil per day in January, 1.62 million barrels of oil per day in February, 1.56 million barrels per day in March and 1.61 million barrels of oil per day in the month under review.
Meanwhile the country’s natural gas production reached 7.35 billion standard cubic feet per day in April.
A breakdown showed that in January, the production stood at 7.12 billion standard cubic feet, it dropped to 6.62 billion standard cubic feet in February and rose to 6.92 billion standard cubic feet, and 7.35 billion standard cubic feet in April.
The NNPC clarified that all crude oil and gas figures are provisional and based solely on NNPC Limited’s data, adding that the figures excluded production by independent operators as reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
On the financial part, the NNPC generated revenue up to N5.89 trillion with a Profit After Tax of N748 billion.
The national oil company report also showed that statutory payments for the period January to March 2025 totaled N4.23 trillion.
In terms of supply NNPC Retail Limited (NRL) Stations’ petrol availability was at 54 per cent.
Giving updates on the ongoing projects— the NNPC said the OB3 pipeline project has achieved 95 per cent completion, while the Ajaokuta–Kaduna–Kano (AKK) pipeline has reached 70 per cent completion as of the review month.
It added that upstream pipeline availability was recorded at 97 per cent.
On its upcoming Final Investment Decisions (FIDs) in 2025, the NNPC disclosed that the Nkori Development (OML 102), crude oil production expansion project (OML 29), gas development projects (OMLs 40, 42) and Brass Fertilizer (Financial Close) will all be done in the fourth quarter of the year.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded its first loss in five consecutive sessions, declining by 0.33 per cent on Wednesday, June 11.
At the close of trading activities, the market capitalisation of the bourse declined by N6.45 billion to finish at N1.954 trillion compared with the preceding day’s N1.960 trillion and the NASD Unlisted Security Index (NSI) decreased by 11.01 points to settle at 3,337.24 points, in contrast to Tuesday’s closing value of 3,348.25 points.
Share prices of three companies on the trading platform recorded movements at midweek, according to data obtained byBusiness Post.
Geo-Fluids Plc was up by 31 Kobo to end at N3.50 per unit versus the preceding day’s N3.19 per unit, and Central Securities Clearing System (CSCS) Plc expanded by 13 Kobo to end at N28.13 per share compared with the previous day’s N28.00 per share.
On the flip side, FrieslandCampina Wamco Nigeria Plc further depreciated by N4.31 yesterday to quote at N74.37 per unit versus the preceding day’s N78.68 per unit.
Yesterday, the volume of securities surged by 1,232.6 per cent to 3.3 million units from the 248,882 units recorded a day earlier, the value of securities went up by 31.8 per cent to N12.9 million from N9.8 million, and the number of deals increased by 46.7 per cent to 44 deals from the 30 deals posted in the preceding trading session.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.8 million, trailed by Air Liquide Plc with 507.2 million valued at N4.2 billion, and Geo-Fluids Plc with 268.4 million units sold for N475.6 million.
Also, Okitipupa Plc maintained its position as the most active stock by value on a year-to-date basis with 153.7 million units traded for N4.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 38.9 million units valued at N1.6 billion.
By Modupe Gbadeyanka
Between January 2025 and March 2025, Nigeria improved its trade surplus by about 52 per cent to N5.17 trillion from the N3.4 trillion recorded between October 2024 and December 2024.
This information was made known to the public by the National Bureau of Statistics (NBS) in its Foreign Trade in Goods Statistics Report for Q1’25 released on Wednesday.
The agency disclosed that on a year-on-year basis, trade surplus expanded by 17.5 per cent from the N4.4 trillion achieved in the first quarter of last year.
According to the NBS, the total merchandise trade posted by Nigeria in Q1 of 2025 was N36.024 trillion, higher than the N33.92 trillion recorded in the corresponding period of 2024 by 6.19 per cent, but lower than the N36.6 trillion reported in the preceding quarter by 1.58 per cent.
It stated that the value of total imports stood at N15.42 trillion in the first quarter of this year, 4.59 per cent higher than the N14.75 trillion posted in the same period of 2024 and 7.02 per cent lower than the N16.59 trillion recorded in the last quarter of 2024.
Also, the value of exports achieved in the first quarter of 2025 was N20.59 trillion, higher than the N19.17 trillion posted in the same period of last year by 7.42 per cent, and 2.92 per cent higher than the N20.00 trillion recorded in the previous quarter, with India, the Netherlands, the United States, France, and Spain as the top five trading export partners of the country.
“The merchandise trade balance for Q1 2025 remained positive at N5.17 trillion indicating an increase of 52 percent compared to the value recorded in the preceding quarter,” it said.
“Further analysis shows that Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at N12.95 trillion representing 62.89 per cent of total exports while the value of non-crude oil exports stood at N7.64 trillion accounting for 37.11 per cent of total exports; of which non-oil products contributed N3.16 trillion or 15.38 percent of total exports,” the stats office said.
It disclosed that, “China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America, the Netherlands, and the United Arab Emirate.
“The most traded commodities imported during the quarter were, Gas oil, Motor spirit ordinary, Petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).”
It was further revealed that the most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and Standard quality Cocoa beans.
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