Nigeria records N6.5trn surplus as foreign trade surges to N31.8trn in Q1 2024

Nigeria records N6.5trn surplus as foreign trade surges to N31.8trn in Q1 2024

The volume of Nigeria’s trade with other countries increased to N31.8 trillion in the first three months of 2024, a report by the National Bureau of Statistics (NBS) has shown.

The report, titled: “Foreign Trade in Goods Statistics”, indicated that the figure represented an increase of 46.27 per cent over the value recorded in the preceding quarter and rose by 145.58 per cent compared to the value recorded in the corresponding period of 2023.

Daily Trust reports that the increase in the volume of trade had to do with the devaluation of Nigeria’s currency that peaked to N1,600 to a dollar during the period.

The report stated that exports accounted for 60.25 per cent of total trade, recording N19.1bn, an increase of 51 per cent compared to the value recorded in Q4 2023, N12.6trn and by 195.47 per cent over the value recorded in the Q1 2023 (N6.4trn).

On the other hand, total imports stood at N12.6trn, representing an increase of 39.65 per cent compared with the value recorded in Q4 2023 (N9trn) and a rise of 95.53 per cent from the value recorded in the corresponding quarter of 2023 (N6.4trn).

The report noted that exports were dominated by crude oil, valued at N15.4trn, representing 80.80 per cent of total exports, while the value of non-crude oil exports stood at N3.6trn, accounting for 19.20 per cent of total exports.

It added that Nigeria exported vegetable products worth N589.5bn and prepared foodstuffs, beverages, spirits and vinegar and tobacco worth N472.8bn, with Nigeria’s export going mostly to Europe with goods valued at N8.3trn.

This was followed by exports to Asia valued at N5.1trn, while exports to America was valued at N3.4trn, and Africa amounting to N2.2trn.

It identified top highest goods imported to be petrol, gas oil, durum wheat (not in seeds), cane sugar meant for sugar refineries and other liquefied petroleum gases and other gaseous hydrocarbons.

The report reads in part: “The top-ranked group import was mineral fuels worth N4.4trn, representing 35.09 per cent of total imports. This was followed by machinery and transport equipment worth N3.1trn (25.08 per cent of total imports) and chemicals and related products worth N1.7trn (14.13 per cent of total imports).”

Meanwhile, Nigeria imported goods mainly from Asia valued at N5.9trn, followed by imports from Europe worth N4.6trn, America worth N1.5trn, Africa worth N401.8bn and Oceania worth N58.8bn.

The report further reads: “Analysis by trading partners revealed that imports originated mainly from China and were valued at N2.9trn, representing 23.18 per cent of total imports. This was followed by imports from India with N1trn, United States of America with imports valued at N1trn, Belgium with N955.9bn and Netherlands with N591.5bn.

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