Nigeria’s Merchandise Trade Hits N31.9Trn in Q2 2024 – NBS Reports
Nigeria’s total merchandise trade reached a substantial N31,892.46 billion in the second quarter of 2024, according to the latest report from the National Bureau of Statistics (NBS), released on Thursday, September 12, in Abuja, Nigeria.
This figure marks a 3.76% decrease from the previous quarter, yet it reflects a remarkable 150.39% increase compared to the same period last year, showcasing a dynamic shift in the country’s trade landscape.
The NBS Foreign Trade in Goods Statistics Report reveals that exports accounted for N19,418.93 billion, making up 60.89% of the total trade. This represents a slight rise of 1.31% from the first quarter of 2024. Importantly, Q2 2024 saw exports surge by an impressive 201.76% compared to Q2 2023, which was valued at N6,435.13 billion.
On the other hand, total imports fell by 10.71% from the first quarter of 2024, amounting to N12,473.53 billion. Nevertheless, this figure still reflects a significant 97.93% increase from the same period last year, when imports were N6,301.95 billion.
Crude oil continues to dominate Nigeria’s export trade, with its value reaching N14,559.56 billion, representing a hefty 74.98% of total exports. Non-crude oil exports stood at N4,859.37 billion, accounting for 25.02% of the total, while non-oil products contributed N1,944.25 billion, or 10.01% of the export total.
The top trading partners for Nigeria’s exports in Q2 2024 included Spain, the United States, France, India, and the Netherlands. Conversely, China emerged as Nigeria’s largest import partner, followed by Belgium, India, the United States, and the Netherlands.
