Vice President Kashim Shettima announced that Nigeria’s total external trade rose to N6.9 trillion in the second quarter of 2024, reflecting a positive economic trend due to trade facilitation programmes introduced by the current administration. He emphasized that exports contributed 60.89%, totaling N19.42 trillion, marking a 1.31% increase from Q1 2024 and a dramatic 201.76% rise compared to N6.44 trillion in Q2 2023.
Shettima, who made the announcement at the 3rd National Conference on Non-Oil Export, hosted by the Nigerian Export Promotion Council (NEPC) in Abuja, explained that Nigeria’s foreign exchange earnings saw significant growth thanks to strong export performance. The country also recorded a trade surplus of N6.95 trillion in Q2 2024.
The Vice President stressed the importance of diversifying Nigeria’s economy to reduce its reliance on oil and gas by boosting non-oil exports. He emphasized the need for effective implementation of trade policies to increase Nigeria’s global trade share and improve the nation’s balance of trade.
Further, Shettima highlighted Nigeria’s commitment to strengthening regulatory frameworks to support small businesses and facilitate seamless trade, especially for micro, small, and medium enterprises (MSMEs).
He also underscored Nigeria’s strategic position as a signatory to the African Continental Free Trade Agreement (AfCFTA), calling for enhanced collaboration between public and private sectors to maximize trade opportunities and address challenges faced by local exporters.
