Nigeria recorded a trade surplus of N6.95 trillion in the second quarter of 2024, according to a report released by the National Bureau of Statistics (NBS) on Wednesday.
This surplus marks a 6.60% increase from the previous quarter, which recorded a surplus of N6.52 trillion. Nigeria’s total merchandise trade in Q2 2024 stood at N31.89 trillion, representing a 3.76% decline compared to the preceding quarter (Q1 2024) but marking a 150.39% rise from the corresponding period in 2023.
“The value of total imports stood at ₦12,473.53 billion in the second quarter of 2024, representing a decrease of 10.71% compared with the value recorded in Q1, 2024 (₦13.970.05 billion) and a rise of 97.93% from the value recorded in the corresponding quarter of 2023 (₦6,301.95 billion).
“Total exports in Q2 2024 were valued at ₦19,418.93 billion, reflecting a 1.31% increase compared to ₦19,167.36 billion in Q1 2024 and a 201.76% rise compared to ₦6,435.13 billion in Q2 2023.
“Nigeria’s total merchandise trade stood at ₦31,892.46 billion in Q2, 2024 representing a decrease of 3.76% over the value recorded in the preceding quarter and a rise of 150.39% compared to the value recorded in the corresponding period of 2023.
“In the quarter under review, exports accounted for 60.89% of total trade with a value of ₦19,418.93 billion, showing a marginal increase of 1.31% compared to the value recorded in Q1 2024 (₦19,167.36) and a 201.76% rise over the value recorded in the second quarter of 2023 (₦6,435.13).
“Nigeria’s exports trade continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at ₦14,559.56 billion representing 74.98% of total exports while the value of non-crude oil exports stood at ₦4,859.37 billion accounting for 25.02% of total exports; of which non-oil products contributed ₦1,944.25 billion or 10.01% of total exports.”
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