Petrol Jerks Nigeria’s Import Bill To N12.5trn In Q2

Nigeria’s value of total imports stood at N12.47 trillion in the second quarter of 2024, representing a rise of 97.93 per cent from the value recorded in the corresponding quarter of 2023 (N6,301 trillion), data from the National Bureau of Statistics has shown.

The report also showed that the country recorded a trade surplus of N6.95 trillion in the second quarter of 2024, marking a 6.60 per cent increase from the previous quarter, which recorded a surplus of N6.52 trillion.

The top-ranked group import was mineral fuels with N4,415.19 trillion representing 35.40 per cent of total imports, this was followed by machinery and transport equipment with N2,878.69 trillion (23.08 per cent of total imports) and chemicals & related products with N1,886 trillion (15.12 per cent of total imports), the statistics bureau stated.

Total foreign trade stood at N31,892 trillion in Q2, 2024 representing a decrease of 3.76 per cent over the value recorded in the preceding quarter and a rise of 150.39 per cent compared to the value recorded in the corresponding period of 2023.

China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands. The most traded commodities during the quarter were motor spirit ordinary, gas oil, durum wheat, butanes and cane sugar meant for sugar refinery.

However, exports accounted for 60.89 per cent of total trade with a value of N19,418 trillion billion, showing a marginal increase of 1.31 per cent compared to the value recorded in Q1 2024 (N19,167 trillion) and a 201.76 per cent rise over the value recorded in the second quarter of 2023 (N6,435 trillion).

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 trillion representing 74.98 per cent of total exports while the value of non-crude oil exports stood at N4,859 trillion accounting for 25.02 per cent of total exports; of which non-oil products contributed N1,944 trillion or 10.01 per cent of total exports.

“The merchandise trade balance in the second quarter of 2024 remained positive at N6,945.40 billion indicating an increase of 33.63 per cent compared to the value recorded in the preceding quarter,” the NBS said yesterday.

In Q2 2024, the top trading export partners were Spain, the United States of America, France, India, and The Netherlands. The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.

Exports of agricultural goods in Q2 2024 amounted to N973 billion, a 5.93 per cent decrease from N1,035.02 billion in Q1 2024 and a 246.67 per cent rise from N280bn in Q2 2023.

The value of raw material exports in Q2 2024 was N366bn, a rise of 4.01 per cent from N352 billion in Q1 2024 and by 151.96 per cent from N145 billion in Q2 2023.

Solid mineral exports in Q2 2024 were valued at N58.56bn, marking a 7.65 per cent decrease from N63.41 billion in Q1 2024 and a 71.79 per cent rise from N34 billion in Q2 2023.

The value of manufactured goods exports in Q2 2024 was N480.82 billion, reflecting a 78.95 per cent increase from N268.70 billion in Q1 2024 and a 126.65 per cent increase from N212.14 billion in Q2 2023.

Crude oil exports in Q2 2024 were valued at N14,559.56 billion, a decrease of 5.99 per cent from N15,486.63 billion in Q1 2024 and increased by 190.86 per cent from N5,005 billion in Q2 2023.

Other oil product exports in Q2 2024 stood at N2,915.12 billion, showing an increase of 53.28 per cent from N1,901.88 billion in Q1 2024 and a 293.54 per cent rise from N740.74 billion in Q2 2023.