Kehinde Fajobi
Nigeria recorded a trade surplus of ₦5.81tn in the third quarter of 2024, driven by significant growth in export earnings, according to the National Bureau of Statistics (NBS).
The latest NBS report, released on Friday, noted that while the Q3 2024 surplus marked a strong performance, it was lower than the ₦6.95tn surplus recorded in the preceding quarter.
The NBS highlighted that the country’s total merchandise trade for the quarter was valued at ₦35.16tn. This represented an 81.35 per cent increase from the same period in 2023 and a 13.26 per cent rise compared to Q2 2024.
Exports for the quarter surged by 98 per cent to ₦20.49tn, up from ₦10.35tn in Q3 2023. This marked a 16.76 per cent increase from ₦17.55tn in Q2 2024.
The report stated, “Total exports in Q3 2024 were valued at ₦20.49tn, reflecting a 98.00 per cent rise compared to ₦10.35tn in the corresponding quarter of 2023 and a 16.76 per cent increase compared to ₦17.55tn in Q2 2024.”
This export growth was propelled by crude oil and natural gas, which remain pivotal to Nigeria’s foreign exchange earnings.
Crude oil exports alone reached ₦13.41tn, a 57.06 per cent increase from ₦8.54tn in Q3 2023.
Exports of other petroleum products, including liquefied natural gas, soared by 303.93 per cent to ₦4.58tn.
Similarly, agricultural exports experienced a remarkable 301.87 per cent rise, totalling ₦884.07bn compared to ₦219.99bn in Q3 2023. This was despite a 9.20 per cent dip from the previous quarter.
Exports of solid minerals rose by 86.58 per cent, while manufactured goods saw an extraordinary increase of 419.93 per cent.
Spain emerged as Nigeria’s largest export destination, followed by the United States, France, the Netherlands, and Italy. These countries predominantly imported crude oil, liquefied natural gas, and other petroleum products.
On the import side, Nigeria’s total imports amounted to ₦14.67tn in Q3 2024, a 62.30 per cent increase from ₦9.04tn in Q3 2023. This represented an 8.71 per cent rise from the previous quarter.
The report added, “The value of total imports stood at ₦14.67tn in the third quarter of 2024, representing a rise of 62.30 per cent from the value recorded in the corresponding quarter of 2023 (₦9.04tn) and increased by 8.71 per cent compared with the value recorded in Q2, 2024 (₦13.5tn).”
The growth in imports was largely driven by manufactured goods, which increased by 76.44 per cent to ₦6.98tn. Raw materials also saw a 66.11 per cent rise, totalling ₦1.58tn.
Agricultural imports grew by 37.06 per cent, valued at ₦882.24bn.
China remained Nigeria’s top import partner, followed by India, Belgium, the United States, and Malta.
Major imports included motor spirit, gas oil, durum wheat, and used vehicles.