Nigeria’s robust export performance, particularly in crude oil, propelled the nation’s trade surplus to N6.95 trillion in the second quarter of 2024, marking a 6.60% increase from the previous quarter, according to the National Bureau of Statistics (NBS). Despite a slight dip in overall merchandise trade, the export sector continued to drive economic growth.
The total value of Nigeria’s goods trade in Q2 2024 was N31.89 trillion, reflecting a significant 150.39% rise compared to the same period in 2023, although it represented a 3.76% decline from Q1 2024. Exports, which constituted 60.89% of the total trade at N19.42 trillion, played a pivotal role. This export value marked a 1.31% increase from Q1 2024 and a substantial 201.76% rise from Q2 2023. Crude oil exports dominated, accounting for N14.56 trillion or 74.98% of total exports, while non-crude oil exports contributed N4.86 trillion.
Spain emerged as Nigeria’s largest export destination in Q2 2024, receiving N2.01 trillion worth of goods, which accounted for 10.34% of the country’s total exports. The United States followed closely, importing N1.86 trillion worth of Nigerian products, or 9.56% of total exports. Other significant export partners included France, India, and the Netherlands, with export values of N1.79 trillion, N1.65 trillion, and N1.38 trillion, respectively.
On the import side, Nigeria’s total imports decreased to N12.47 trillion in Q2 2024, a 10.71% drop from the previous quarter, yet a 97.93% increase compared to Q2 2023. China remained Nigeria’s top import supplier, accounting for N3.03 trillion or 24.29% of total imports. The United States, Belgium, India, and the Netherlands also featured prominently as major import partners.
Maritime transport continued to dominate Nigeria’s international trade, handling 99.14% of exports and 94.94% of imports in Q2 2024, underscoring the critical role of the country’s seaports in facilitating trade. In contrast, air and road transport played a comparatively minor role.
