In the second quarter of 2024, Nigeria sold a lot of goods to six major countries: Spain, the USA, France, India, the Netherlands, and China.
The total amount of these exports was N8.88 trillion! Spain was the top buyer, purchasing goods worth N2.01 trillion, mainly crude oil and gas.
The U.S. was next, with exports worth N1.86 trillion, and France followed closely with N1.82 trillion.
Most of the things Nigeria sold were petroleum products, which include crude oil and natural gas. For example, Nigeria sold N1.63 trillion worth of crude oil to Spain and N1.62 trillion to the USA.
On the other hand, Nigeria also bought some goods from these countries. From Spain, Nigeria imported goods worth N261.06 billion, mainly motor fuel, and from the USA, imports were around N971.84 billion.
Overall, Nigeria is doing well with its trade, and its earnings from selling goods to other countries are increasing.
In fact, the country has a trade surplus of N6.95 trillion, meaning it sells more than it buys! This good performance is helping Nigeria’s economy grow and provides opportunities for even more trade in the future.
Punch