Nigeria records N6.9tn trade surplus in Q2, 2024
National Bureau of Statistics NBS
Nigeria records N6.9tn trade surplus in Q2, 2024
Nike Popoola
Nigeria’s exports surpassed imports by N6.945tn in the second quarter of 2024.
The National Bureau of Statistics revealed in its report titled ‘Foreign trade in goods statistics (Q2, 2024)’ report.
The value of total imports stood at N12,473.53 billion in the second quarter of 2024, representing a decrease of 10.71% compared with the value recorded in Q1, 2024 (N13.970.05 billion) and a rise of 97.93% from the value recorded in the corresponding quarter of 2023 (N6,301.95 billion).
Total exports in Q2 2024 were valued at N19,418.93 billion, reflecting a 1.31% increase compared to N19,167.36 billion in Q1 2024 and a 201.76% rise compared to N6,435.13 billion in Q2 2023.
Nigeria’s total merchandise trade stood at N31,892.46 billion in Q2, 2024 representing a decrease of 3.76% over the value recorded in the preceding quarter and a rise of 150.39% compared to the value recorded in the corresponding period of 2023.
In the quarter under review, exports accounted for 60.89% of total trade with a value of N19,418.93 billion, showing a marginal increase of 1.31% compared to the value recorded in Q1 2024 (N19,167.36) and a 201.76% rise over the value recorded in the second quarter of 2023 (N6,435.13).
Nigeria’s exports trade continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at N14,559.56 billion representing 74.98% of total exports while the value of non-crude oil exports stood at N4,859.37 billion accounting for 25.02% of total exports; of which non-oil products contributed N1,944.25 billion or 10.01% of total exports.
