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.