Nigeria’s foreign exchange earnings saw significant growth in the second quarter of 2024, with the trade surplus rising to N6.95tn due to robust export activities.
The National Bureau of Statistics (NBS) reported that the country’s total merchandise trade reached N31.89tn, with exports valued at N19.42tn, accounting for 60.89% of total trade.
Crude oil exports continued to dominate, contributing N14.56tn or 74.98% of the total export value.
The top export destinations for Nigeria included Spain, the United States, France, India, and the Netherlands, with Spain receiving N2.01tn worth of goods.
Imports, on the other hand, experienced a decline, standing at N12.47tn in Q2 2024, a 10.71% decrease from Q1 2024.
Fuel products remained the most imported goods, while China maintained its position as Nigeria’s largest supplier, contributing 24.29% of total imports.
The NBS highlighted that the bulk of Nigeria’s trade was conducted via maritime transport, accounting for 99.14% of exports and 94.94% of imports. The rise in exports, particularly crude oil, has positioned Nigeria for continued foreign exchange growth and a favorable trade balance.