Nigeria Records N3.4 Trillion Trade Surplus In Q4 2024.
Nigeria recorded a trade surplus of N3.42 trillion in the fourth quarter (Q4) of 2024, according to the latest foreign trade report released by the National Bureau of Statistics (NBS).
The report revealed that total exports for the quarter amounted to N20.01 trillion, surpassing total imports valued at N16.59 trillion. This resulted in a positive trade balance, reflecting the nation’s strong export performance.
Overall, Nigeria’s total trade for the quarter reached N36.6 trillion, marking a 2.20 per cent increase from the N35.8 trillion recorded in Q3 2024. On a year-on-year basis, trade activity saw a significant rise of 68.32 per cent compared to the N21.75 trillion recorded in Q4 2023.
Crude Oil Dominates Export Trade
Crude oil remained Nigeria’s primary export commodity, accounting for N13.78 trillion, which represents 68.87 per cent of total exports. Meanwhile, non-crude oil exports stood at N6.23 trillion, making up 31.13 per cent of the country’s exports. Within this category, non-oil products contributed N2.84 trillion, representing 4.20 per cent of total exports.
Top Export Destinations
The Netherlands emerged as Nigeria’s leading export destination in Q4 2024, with exports worth N2.09 trillion, representing 10.44 per cent of total exports. Other top destinations included:
– France – N1.91 trillion (9.54 per cent)
– Spain – N1.74 trillion (8.68 per cent)
– India – N1.60 trillion (7.98 per cent)
– Indonesia – N1.41 trillion (7.03 per cent)
Collectively, these five countries accounted for 43.67 per cent of Nigeria’s total exports for the quarter.
China Leads as Nigeria’s Top Import Partner
On the import side, China remained Nigeria’s largest trading partner, supplying N4.61 trillion worth of goods, which accounted for 27.80 per cent of total imports. Other major import sources included:
– India – N1.89 trillion (11.43 per cent)
– Belgium – N1.38 trillion (8.35 per cent)
– United States – N1.05 trillion (6.33 per cent)
– France – N501 billion (3.62 per cent)
Strong Trade Growth for Nigeria
The positive trade balance underscores Nigeria’s robust export sector, driven by crude oil and growing non-oil exports. The steady increase in total trade reflects the country’s economic resilience and its ability to maintain a surplus despite global market fluctuations.
With continued efforts to diversify exports and strengthen trade partnerships, Nigeria is poised for further economic growth in the coming quarters.
