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 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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