ABUJA, Nigeria (VOICE OF NAIJA)-Nigeria recorded a trade surplus of N5.81 trillion in the third quarter of 2024.
This was driven by a significant rise in export earnings, according to the latest figures from the National Bureau of Statistics (NBS).
However, this surplus is lower than the N6.95 trillion surplus recorded in the second quarter of 2024.
In its foreign trade statistics report released on Friday, the NBS highlighted that Nigeria’s merchandise trade for Q3 2024 totaled N35.16 trillion, reflecting an 81.35% increase from the same period in 2023, and a 13.26% rise compared to the previous quarter.
Total exports for the quarter jumped by 98% to N20.49 trillion, up from N10.35 trillion in Q3 2023.
This also represents a 16.76% increase from N17.55 trillion in Q2 2024.
“Total exports in Q3 2024 were valued at N20.49tn, reflecting a 98.00 per cent rise compared to N10.35tn in the corresponding quarter of 2023 and a 16.76 per cent increase compared to N17.55tn in Q2 2024,” the NBS report read.
Nigeria’s export surge in Q3 2024 was largely fueled by significant increases in crude oil and natural gas exports, which remain vital to the country’s foreign exchange earnings.
READ ALSO: Nigeria’s Export Growth Hits N6.9tn Amid New Trade Policies — FG
Crude oil exports alone reached N13.41 trillion, marking a 57.06% rise from N8.54 trillion in Q3 2023.
Exports of other oil products, including liquefied natural gas and petroleum gases, saw a staggering 303.93% increase, totaling N4.58 trillion.
Agricultural exports also experienced remarkable growth, rising by 301.87% to N884.07 billion, up from N219.99 billion in the same period last year.
However, this was a slight 9.20% decline from the previous quarter.
Exports of solid minerals and manufactured goods also performed strongly, increasing by 86.58% and 419.93%, respectively.
In Q3 2024, Spain emerged as Nigeria’s top export partner, followed by the United States, France, the Netherlands, and Italy, all benefiting from Nigeria’s crude oil, LNG, and other petroleum exports.
On the import side, Nigeria’s total import expenditure for Q3 2024 stood at N14.67 trillion, a 62.30% rise from N9.04 trillion in Q3 2023, and an 8.71% increase from the previous quarter.
The report read, “The value of total imports stood at N14.67tn in the third quarter of 2024, representing a rise of 62.30 per cent from the value recorded in the corresponding quarter of 2023 (N9.04tn) and increased by 8.71 per cent compared with the value recorded in Q2, 2024 (N13.5tn).”
The increase in imports was primarily fueled by manufactured goods, which rose by 76.44% to N6.98 trillion, and raw materials, which saw a 66.11% increase to N1.58 trillion.
Other significant imports included agricultural products, valued at N882.24 billion, representing a 37.06% rise from Q3 2023.
China remained Nigeria’s leading import partner, followed by India, Belgium, the United States, and Malta.
Major imported items included motor spirit, gas oil, durum wheat, and used vehicles.