In the first quarter of 2024, Nigeria experienced a significant uptick in its trade activities, with total imports standing at ₦12,643.23 billion, marking an increase of 39.65% from the preceding quarter (₦9,053.78 billion) and a staggering 95.53% rise compared to Q1 2023 (₦6,466.10 billion). This is according to data released by the National Bureau of Statistics for the first quarter of 2024.
In the report, China maintained its position as Nigeria’s top import partner, with a total share import of 23.18% followed by India 8.46%, the United States 7.98%, Belgium 7.56%, and The Netherlands 4.6%. The most imported commodities were motor spirit ordinary, gas oil, durum wheat (not in seeds), cane sugar for sugar refinery, and various liquefied petroleum gases and other gaseous hydrocarbons. These commodities highlight Nigeria’s focus on essential fuel and food items, critical for its economic and industrial activities.
The agricultural sector saw a notable increase in imports, valued at ₦920.54 billion in Q1 2024. This represents a 29.45% rise from Q4 2023 (₦711.14 billion) and a 95.28% jump from Q1 2023 (₦471.39 billion). This growth is indicative of Nigeria’s efforts to bolster food security and support its agricultural industry, which remains a key part of its economy.
Raw material imports also surged to ₦1,467.41 billion, up by 51.78% from Q4 2023 (₦966.80 billion) and an impressive 164.18% from Q1 2023 (₦555.47 billion).
Solid mineral imports were valued at ₦71.38 billion, a 21.15% increase from Q4 2023 (₦58.92 billion) and a 59.23% rise from Q1 2023 (₦44.83 billion). This growth highlights Nigeria’s ongoing development in mining and related industries, contributing to the overall economic expansion.
Manufactured goods imports reached ₦5,738.32 billion, reflecting a 44.47% increase from Q4 2023 (₦3,971.91 billion) and a 139.47% rise from Q1 2023 (₦2,396.23 billion).
Other oil products imports stood at ₦4,445.52 billion, showing a 32.90% increase from Q4 2023 (₦3,344.93 billion) and a 48.28% rise from Q1 2023 (₦2,998.11 billion).
Total exports in Q1 2024 were valued at ₦19,167.40 billion, marking a 51.00% increase from Q4 2023 (₦12,693.62 billion) and an extraordinary 195.47% rise from Q1 2023 (₦6,487.04 billion). This surge highlights Nigeria’s growing export capabilities and its strategic position in global trade.
The top trading export partners were France, Spain, The Netherlands, India, and the United States. The most exported commodities included crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans. Crude oil exports were particularly significant, valued at ₦15,486.63 billion, accounting for 80.80% of total exports.
Exports of agricultural goods in Q1 2024 amounted to ₦1,035.02 billion, a 123.08% increase from Q4 2023 (₦463.97 billion) and a 270.13% rise from Q1 2023 (₦279.64 billion
Raw material exports were valued at ₦352.75 billion, a rise of 7.09% from Q4 2023 (₦329.41 billion) and 76.48% from Q1 2023 (₦199.89 billion). Solid mineral exports reached ₦63.41 billion, marking a 76.77% increase from Q4 2023 (₦35.87 billion) and a 143.69% rise from Q1 2023 (₦26.02 billion). Manufactured goods exports were valued at ₦268.70 billion, reflecting a 14.36% increase from Q4 2023 (₦234.96 billion) and a 104.88% rise from Q1 2023 (₦131.15 billion).
Other oil product exports in Q1 2024 stood at ₦1,901.88 billion, showing a 47.70% increase from Q4 2023 (₦1,287.65 billion) and a 177.17% rise from Q1 2023 (₦686.17 billion).
Nigeria’s total merchandise trade in Q1 2024 stood at ₦31,810.59 billion, a 46.27% increase from the previous quarter and a 145.58% rise from Q1 2023. Exports accounted for 60.25% of total trade, highlighting the country’s robust export performance. The trade balance for Q1 2024 was positive at ₦6,524.13 billion, driven by the substantial export growth.
Trade by region revealed that Europe was the largest export destination, followed by Asia, America, and Africa. Imports from African countries mainly consisted of kerosene-type jet fuel, petroleum bitumen, diammonium hydrogen orthophosphate, other liquefied petroleum gases, and polypropylene. South Africa and Ivory Coast were the major import partners within Africa, reflecting regional trade dynamics.