The National Bureau of Statistics (NBS) has revealed that Nigeria has recorded a trade surplus of N5.81 trillion in the third quarter (Q3) of 2024, which reflects a remarkable rise in export earnings for the country.
The NBS data released on Friday, however, showed that the surplus recorded in Q3 2024 is lower than the N6.95tn trade surplus recorded in Q3 of 2023.
The NBS report on Nigeria’s foreign trade statistics noted that merchandise trade for the Q3 this year was a total value of N35.16tn, marking an 81.35 per cent increase compared to the same period in 2023 and a 13.26 per cent rise from the previous quarter.
“Total exports for the quarter surged by 98.00 per cent to N20.49tn, compared to N10.35tn in Q3 2023,” the report said.
“This marks a 16.76 per cent increase from N17.55tn in the preceding quarter, Q2 2024.
“Total exports in Q3 2024 were valued at N20.49tn, reflecting a 98.00 per cent rise compared to N10.35tn in the corresponding quarter of 2023 and a 16.76 per cent increase compared to N17.55tn in Q2 2024.
“The significant boost in exports was primarily driven by Nigeria’s crude oil and natural gas exports, which remain key contributors to the country’s foreign exchange earnings.”
On oil export, the NBS data report stated that crude oil exports alone amounted to N13.41tn, a 57.06 per cent increase from N8.54tn in Q3 2023.
“Exports of other oil products, including liquefied natural gas and petroleum gases, also saw a massive 303.93 per cent rise, totalling N4.58tn,” it stated.
“In addition to oil exports, agricultural exports saw an extraordinary increase of 301.87 per cent, reaching N884.07bn, compared to N219.99bn in Q3 2023.
“This growth was despite a slight decline of 9.20 per cent from the previous quarter. Exports of solid minerals and manufactured goods also performed well, rising by 86.58 per cent and 419.93 per cent respectively.”
The report added that Spain was Nigeria’s largest export partner in Q3 2024, followed by the United States, France, the Netherlands, and Italy.
“These countries benefitted from Nigeria’s crude oil, LNG, and other petroleum exports. On the imports side, Nigeria’s total import bill for Q3 2024 stood at N14.67tn, an increase of 62.30 per cent from N9.04tn recorded in the same period in 2023, compared to the previous quarter, imports rose by 8.71 per cent.
“The value of total imports stood at N14.67tn in the third quarter of 2024, representing a rise of 62.30 per cent from the value recorded in the corresponding quarter of 2023 (N9.04tn) and increased by 8.71 per cent compared with the value recorded in Q2, 2024 (N13.5tn),” it added.