Nigeria’s trade surplus increased to ₦6.95 trillion in the second quarter of 2024, driven by a rise in total exports, which stood at ₦19.42 trillion. This represents a 1.31% increase compared to ₦19.17 trillion recorded in the first quarter of 2024 and a significant 201.76% rise from the ₦6.43 trillion reported in Q2 2023, according to the latest statistics released by the National Bureau of Statistics (NBS).
On the other hand, the value of imports for the second quarter of 2024 dropped to ₦12.47 trillion, showing a decrease of 10.71% compared to the ₦13.97 trillion recorded in the first quarter of the year. However, this figure marks a sharp rise of 97.93% compared to the ₦6.30 trillion recorded in Q2 2023.
The report revealed that China remains Nigeria’s highest trading partner on the import side, accounting for ₦3.03 trillion or 24.29% of total imports. Belgium followed with ₦1.79 trillion, while India contributed ₦1.06 trillion, the United States of America ₦917.84 billion, and The Netherlands ₦585.30 billion. The major commodities imported during the quarter were motor spirit (ordinary), gas oil, durum wheat, butanes, and cane sugar meant for sugar refinery. Agricultural goods imports amounted to ₦893.25 billion, reflecting a 2.96% decrease from ₦920.54 billion in Q1 2024, but an increase of 96.38% from ₦454.85 billion in Q2 2023. Raw materials imports rose slightly by 0.96% to ₦1.48 trillion, a substantial 160.92% increase from the ₦567.80 billion recorded in the corresponding quarter of the previous year. Solid minerals imports grew significantly by 35.61%, reaching ₦96.80 billion, while imported manufactured goods were valued at ₦5.58 trillion, marking a slight 2.82% decrease from the previous quarter but an 84.67% rise from the same period in 2023.
The export sector saw notable improvements, with total exports valued at ₦19.42 trillion. The top export destinations were Spain, the United States, France, India, and The Netherlands. The main commodities exported were crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.
Crude oil exports dominated the export market, valued at ₦14.56 trillion, accounting for 74.98% of total exports. However, crude oil exports saw a 5.99% decrease compared to ₦15.49 trillion recorded in Q1 2024. Compared to the same period in 2023, crude oil exports surged by 190.86%.
Meanwhile, non-crude oil exports stood at ₦4.86 trillion, representing 25.02% of total exports, of which non-oil products contributed ₦1.94 trillion or 10.01% of total exports.
The export of agricultural goods amounted to ₦973.69 billion, marking a 5.93% decline from ₦1.04 trillion recorded in the previous quarter, though it experienced a significant rise of 246.67% from ₦280.87 billion in Q2 2023. Raw materials exports were valued at ₦366.91 billion, a 4.01% increase from ₦352.75 billion in Q1 2024 and a remarkable 151.96% jump from ₦145.62 billion in the same period in 2023.
Solid mineral exports dropped by 7.65% to ₦58.56 billion compared to ₦63.41 billion in the previous quarter but showed a 71.79% increase from ₦34.09 billion in Q2 2023. Manufactured goods exports reached ₦480.82 billion, representing a 78.95% surge from ₦268.70 billion in the first quarter and a 126.65% rise compared to ₦212.14 billion in Q2 2023.
The report also highlighted Nigeria’s total merchandise trade, which amounted to ₦31.89 trillion in Q2 2024, reflecting a 3.76% decrease from the previous quarter but a substantial 150.39% increase compared to the corresponding period in 2023. Exports accounted for 60.89% of total trade, while imports made up 39.11%.
In terms of geographical distribution, Nigeria’s imports were mainly sourced from Asia, which accounted for ₦5.58 trillion or 44.74% of total imports. Europe followed with ₦4.93 trillion, representing 39.56% of total imports, while America contributed ₦1.34 trillion or 10.72%. Imports from Africa stood at ₦555.48 billion, of which imports from ECOWAS countries amounted to ₦166.37 billion. Imports from Oceania were valued at ₦66.14 billion, representing a marginal 0.53% of total imports.
