Nigeria’s trade surplus experienced a significant rise in the second quarter of 2024, climbing 33.9% quarter-on-quarter (QoQ) to N6.95 trillion from N5.19 trillion in the first quarter.
According to the National Bureau of Statistics (NBS) in its latest Foreign Trade in Goods Statistics Report, the country’s export performance remained strong, growing by 1.57% to N19.42 trillion in Q2 2024.
On the other hand, imports fell by 10.7% to N12.47 trillion, helping Nigeria maintain a favorable trade balance.
The report revealed that Nigeria’s total merchandise trade for Q2 2024 stood at N31.89 trillion, a 3.76% decline from the previous quarter but a remarkable 150.39% increase from Q2 2023.
Exports accounted for 60.89% of total trade in Q2 2024, driven primarily by crude oil exports, which contributed N14.56 trillion, or 74.98% of total exports. Non-crude oil exports amounted to N4.86 trillion, while non-oil products accounted for N1.94 trillion or 10% of total exports.
The decline in imports, which represented 39.1% of total trade, further boosted the trade surplus. Imports dropped to N12.47 trillion in Q2 2024, marking a 10.71% decrease from the previous quarter but a notable 97.93% increase from the same period in 2023.
The positive merchandise trade balance highlights Nigeria’s growing export sector, especially in crude oil, and its ability to balance its trade through reduced import demand.