Nigeria achieved a trade surplus of N5.81 trillion in the third quarter of 2024, signaling a robust performance in its export sector, according to the National Bureau of Statistics (NBS).
Total merchandise trade during the period hit N35.16 trillion, an 81% surge from N19.38 trillion in Q3 2023, and a 13.3% increase from Q2 2024.
“This remarkable growth indicates Nigeria’s increasing capacity to boost export activities and reduce import dependency,” the NBS said in its report, released Friday.
Crude Oil Dominates, but Diversification Grows
Exports, which accounted for 58.3% of total trade, reached N20.48 trillion, a 98% increase from Q3 2023. Crude oil exports made up the lion’s share at N13.4 trillion (65.4%), while non-crude oil exports, including gas and agricultural products, contributed N7 trillion (34.6%). Agricultural exports alone were valued at N2.5 trillion, signaling Nigeria’s push for diversification.
“This performance reflects a 16.8% rise in exports compared to the preceding quarter, driven by both oil and non-oil sectors,” the NBS noted.
Imports See Substantial Growth
Imports stood at N14.67 trillion, rising 62.3% year-on-year and 8.7% from Q2 2024. The largest share of imported goods came from China (24.4% or N3.57 trillion), followed by India (11.3%), Belgium (11.1%), and the United States (7%). Key imports included motor spirits, gas oil, and used vehicles, reflecting Nigeria’s dependency on foreign industrial and consumer goods.
Key Trading Partners
Spain emerged as Nigeria’s top export destination, purchasing goods worth N2.27 trillion, or 11.1% of total exports. Other major export partners included the United States (N1.69 trillion), France (N1.59 trillion), the Netherlands (N1.43 trillion), and Italy (N1.38 trillion). Collectively, these five countries accounted for 40.8% of Nigeria’s total export value in Q3 2024.
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“These figures highlight the growing importance of strategic trade relationships in driving economic growth,” the NBS report added.
The robust trade figures highlight Nigeria’s efforts to expand its export base and reduce reliance on imports. While crude oil remains dominant, the surge in non-crude exports demonstrates progress toward economic diversification.
