Nigeria Records N3.42trn Trade Surplus In Q4

National Bureau of Statistics (NBS) has said Nigeria recorded a trade surplus of N3.42 trillion in the fourth quarter (Q4) of 2024, in its latest foreign trade report that was released on Friday.

The report revealed that total trade for the period stood at N36.6 trillion, reflecting a 2.2 per cent increase from the N35.8 trillion recorded in the third quarter (Q3).

Exports were valued at N20.01 trillion, while imports amounted to N16.59 trillion.

Crude oil continued to dominate Nigeria’s export trade, accounting for N13.78 trillion or 68.87 per cent of total exports.

Non-crude oil exports stood at N6.23 trillion (31.13 per cent), with non-oil products contributing N2.84 trillion (4.2 per cent).

The Netherlands was Nigeria’s top export destination, purchasing goods worth N2.09 trillion (10.44 per cent of total exports). It was followed by France (N1.91 trillion, 9.54 per cent), Spain (N1.74 trillion, 8.68 per cent), India (N1.60 trillion, 7.98 per cent), and Indonesia (N1.41 trillion, 7.03 per cent). Collectively, these five countries accounted for 43.67 per cent of Nigeria’s total exports in Q4 2024.

China remained Nigeria’s largest source of imports, accounting for 27.8 per cent of total imports, valued at N4.61 trillion.

Other top importers of Nigerian products included India (N1.89 trillion, 11.43 per cent), Belgium (N1.38 trillion, 8.35 per cent), the United States (N1.05 trillion, 6.33 per cent), and France (N501 billion, 3.62 per cent).

Compared to the corresponding period in 2023, Nigeria’s total merchandise trade in Q4 2024 grew by 68.32 per cent, up from N21.75 trillion.

However, exports declined slightly by 2.55 per cent from N20.54 trillion recorded in Q3 2024.

The latest trade figures underscore Nigeria’s continued dependence on crude oil exports while highlighting the growing contribution of non-oil exports to the economy.