Nigeria’s trade rises by 68 percent in Q4

Nigeria’s total merchandise trade surged to N36.6 trillion in the fourth quarter of 2024, reflecting a 68.3 percent increase compared to the same period in 2023 according to new data from the National Bureau of Statistics (NBS).

While exports accounted for N20 trillion, a 57.7 percent year-on-year rise, they declined slightly by 2.55 percent from Q3 2024. Imports, on the other hand, climbed to N16.6 trillion, up 83.2 percent from Q4 2023 and 8.57 percent from Q3 2024, driven by heightened demand for manufactured and raw material goods.

Trade Balance shrinks amid rising imports

Despite recording a positive trade balance of N3.4 trillion, Nigeria’s surplus declined 34.86 percent from Q3 2024, as import growth outpaced export performance.

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Crude oil remained the country’s dominant export, accounting for N13.78 trillion (68.9 percent of total exports). Non-oil exports stood at N6.2 trillion, contributing 31.1 percent to overall exports.

The N16.6 trillion import bill was largely fueled by an influx of manufactured goods (N8.47 trillion, up 113.3 percent year-on-year) and raw materials (N2.1 trillion, up 118.2 percent). China maintained its position as Nigeria’s top import source, contributing N4.61 trillion (27.8 percent of total imports), followed by India, Belgium, the United States, and France.

The most imported commodities included motor spirit, gas oil, refined sugar, aircraft parts, and photovoltaic cells.

Nigeria’s agricultural exports soared by 232 percent year-on-year to N1.54 trillion, with cocoa beans, sesame seeds, and cashew nuts leading the sector. However, manufactured goods exports slumped by 52.5 percent from Q3 2024 to N494.2 billion, reflecting a weaker performance in industrial production.

Nigeria’s top trading partners

The country’s largest export destinations in Q4 2024 were The Netherlands, France, Spain, India, and Indonesia, collectively accounting for 43.67 percent of total exports. Europe was Nigeria’s biggest trade region, absorbing N8.67 trillion (43.3 percent) of exports, followed by Asia (N5.56 trillion) and America (N3.52 trillion).

Intra-African trade

Nigeria’s trade with Africa totaled N2.56 trillion, with exports of N2.04 trillion outpacing imports of N514.9 billion. The country’s top African export destinations were South Africa, Ivory Coast, Senegal, Cameroon, and Togo, while most imports came from South Africa, Egypt, Equatorial Guinea, and Ivory Coast. Within ECOWAS, Nigeria recorded N1.18 trillion in exports and N77.1 billion in imports, with Ivory Coast emerging as the top regional trade partner.

The report showed that maritime transport dominated trade, accounting for 98.8 percent of total exports and 90.2 percent of imports. Apapa Port handled the bulk of transactions, processing N17.92 trillion (89.6 percent) of exports and N10.05 trillion (60.6 percent) of imports.