According to its Q4 2024 foreign trade report, the National Bureau of Statistics announced that Nigeria posted a trade surplus of N3.42 trillion during Q4 2024.
Total exports, as indicated in the report, were N20.01 trillion, while total imports were N16.59 trillion.
According to the agency, Q4 commerce was valued at N36.6 trillion, which represented an increase of 2.20 percent compared to the N35.8 trillion it achieved during the Q3 period of the year.
According to the NBS, “Nigeria’s total trade in merchandise totaled N36,604.83 trillion in Q4, 2024. This was an increase of 68.32 per cent above the N21,747.40 trillion that it was during the same period in 2023 and by 2.20 per cent above the volume that was in the last quarter, which stood at N35,818.35 trillion.”.
During the quarter under review, exports accounted for 54.68 per cent of the overall trade with a value of N20,014.33 trillion, an increase of 57.67 per cent higher than the value recorded in the fourth quarter of 2023, N12,693.62 trillion and 2.55 per cent less than the value recorded in Q3 2024, N20,537.17 trillion.
NBS reported that crude oil continued to dominate export business during the period in review. The statistics body reported crude oil exports standing at N13.78 trillion, representing 68.87 per cent of total exports, while non-crude oil exports stood at N6.23 trillion, which was 31.13 percent of total exports.
NBS also reported that non-oil products constituted N2.84 trillion or 4.20 percent of total exports.
Among the country’s leading export destinations, the NBS reported that the Netherlands was Nigeria’s top export market in Q4, followed by Spain, France, India, and Indonesia.
Its major export market was The Netherlands accounting for N2,089.96 billion or 10.44 per cent of the country’s total export, followed by France with N1,909.76 billion or 9.54 per cent of the country’s total export, Spain with N1,737.68 billion or 8.68 per cent of the country’s total export,” NBS stated.
“India with N1,596.66 billion or 7.98 per cent of the value of total exports, and exports to Indonesia with products valued at N1,406.77 billion representing 7.03 per cent of the value of total exports.
“These five nations collectively represented 43.67 per cent of the value of total exports in Q4, 2024.”
On imports, the bureau reported that China remained Nigeria’s top trading partner, with 27.80 per cent (N4.61 trillion) value of imported goods.”.
Others in the top five import routes were India (N1.89 trillion or 11.43 per cent), Belgium (N1.38 trillion or 8.35 per cent), the United States (N1.05 billion or 6.33 per cent), and France (N501 billion or 3.62 per cent).
