In the first quarter of 2024, Nigeria’s trade surplus reached a record high of N6.52 trillion, a notable 79.1% rise over the same time the previous year. The country’s economic performance has been enhanced by a notable increase in exports, which is responsible for this outstanding gain.
The National Bureau of Statistics’ most recent data (NBS) According to a National Bureau of Statistics (NBS) study, the nation’s trade balance increased by 79.1% from N3.64 trillion to N6.52 trillion in Q1, marking the sixth consecutive quarter of positive trade balance. Additionally, it increased from N20.9 billion in the previous year.
An economic indicator of a good trade balance, a trade surplus is the result of a nation’s exports exceeding its imports.
The value of all items traded in the most populous country in Africa was N31.8 trillion in Q1, up 46.3 percent from the previous quarter and 145.6 percent from the figure recorded in the similar period of 2023.
According to data, exports made up 60.3% of total trade in the reviewed quarter, valued at N19.2 trillion. This represents a 51% increase over the value recorded in Q4 2023 (N12.7 trillion) and a 195.5% increase over Q1 2023 (N6.48 trillion).” This information was reported in the NBS report.
According to the report, the value of non-crude oil exports stood at N3.68 trillion, accounting for 19.20 percent of total exports; non-oil products contributed N1.78 trillion, or 9.28 percent of total exports. Crude oil exports, valued at N15.4 trillion, represented 80.8 percent of total exports in Q1.
China was the largest trading partner for imports in Q1, followed by the US, Belgium, The Netherlands, India, and the United States of America.
The most traded goods were motor spirit regular, petrol oil, cane sugar intended for sugar refineries, durum wheat (without seeds), and other liquefied petroleum gases and gaseous hydrocarbons.