(ECONOMY) Nigeria records N6.52 trn trade surplus in Q1’24

Nigeria recorded a trade surplus of N6.52 trillion in the first quarter of 2024 (Q1’24). This represents a 79 percent quarter-on-quarter (QoQ) increase when compared to N3.64 trillion recorded in the fourth quarter of 2023 (Q4’23).

The National Bureau of Statistics, NBS, disclosed this today in its Foreign Trade in Goods Statistics report for Q1’24.

According to NBS,ctotal merchandise stood at N31.8 trillion, rising QoQ by 46.3 percent from N21.75 trillion in Q4’23.

The bureau noted that export stood at N19.2 trillion while import stood at N12.6 trillion in Q1’24.
NBS said: “Nigeria’s total merchandise trade stood at ₦31.8 trillion in Q1, 2024.

“This represents an increase of 46.3 percent over the value recorded in the preceding quarter and rose by 145.58 percent compared to the value recorded in the corresponding period of 2023.

“Data revealed that export accounted for 60.3 percent of total trade in the reviewed quarter with a value of ₦19.3 trillion, showing an increase of 51 percent compared to the
value recorded in Q4’23 (₦12.69 trillion) and by 195.5 percent over the value recorded in the first quarter of 2023 (₦6.5 trillion).

“Exports trade in Q1’24 was dominated by crude oil exports valued at ₦15.5 trillion representing 80.8 percen of total exports while the value of non-crude

oil exports stood at ₦3.7 trillion accounting for 19.2 percent of total exports; of which non-oil products contributed ₦1.8 trillion or 9.3 percent of total exports.

“On the other hand, the share of total imports accounted for 39.8 percent of total trade in the first quarter of 2024 with the value of imports amounting to ₦12.64 trillion in Q1’24.

“This value indicates an increase of 39.65 percent over the value recorded in Q4 2023 (₦9.05 trillion) and rose by 95.53 percent compared to the value recorded in Q1 2023 (₦6.5 trillion).

“The merchandise trade balance for Q1 2024 stood positive at ₦6.52 trillion.

“ In Q1’24, China ranked highest among the top trading partners on the import side, followed by India, the United States of America, Belgium, and The Netherlands.

“The most traded commodities were Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons.”