Nigeria recorded a trade surplus of N5.81 trillion in the third quarter of 2024, according to the National Bureau of Statistics (NBS). The NBS in its foreign trade statistics report on Friday disclosed that Nigeria’s merchandise trade for the third quarter of 2024 reached a total value of N35.2 trillion, marking an 81.35 per cent increase compared to the same period in 2023 and a 13.26 per cent rise from the previous quarter.
Exports made up 58.27 per cent of total trade, valued at N20.5 trillion, driven by a 98 per cent surge in exports compared to Q3 2023.
Crude oil exports continued to dominate, contributing 65.44 per cent of total exports at N13.4 trillion, marking a 57.06 per cent rise from Q3 2023. Non-crude oil exports also saw growth, reaching N7 trillion, with agricultural goods like cocoa and manufactured goods seeing significant increases.
Manufactured goods exports surged by 419.93 per cent to N1 trillion highlighting a growing diversification in Nigeria’s export portfolio. Imports, totalling N14.67 trillion, rose by 62.30 per cent from Q3 2023, with China, India, and Belgium remaining Nigeria’s top trade partners.
The most imported commodities included motorspirit, gas oil, and used vehicles. Notably, imports of manufactured goods grew by 76.44 per cent to N6.98 trillion.
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