Nigeria’s foreign trade soared in Q2 2024, recording a surplus of N6.94 trillion as total trade reached N31.89 trillion. The National Bureau of Statistics (NBS) revealed that exports dominated the trade balance, with N19.4 trillion worth of goods shipped out, while imports amounted to N12.4 trillion.
The data shows a slight dip of 3.76% from the previous quarter but a staggering 150.39% increase compared to Q2 2023. Nigeria’s trade surplus surged by 33.63% from Q1 2024, driven primarily by crude oil exports.
Crude oil continued to be Nigeria’s top export, raking in N14.5 trillion, which accounted for 74.98% of total exports. Non-crude oil exports amounted to N4.85 trillion, with non-oil products contributing N1.94 trillion (10.01%). Leading export destinations included Spain, the U.S., France, India, and the Netherlands. Top commodities were crude oil, liquefied natural gas, cocoa beans, and urea.
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Agricultural exports hit N973.6 billion, a slight drop from Q1 2024 but a massive 246.67% increase from Q2 2023, signaling growth in the sector.
Imports dipped to N12.4 trillion, a 10.71% decrease from Q1 2024 but a 97.93% rise from Q2 2023. China remained Nigeria’s largest import partner, followed by Belgium, India, the U.S., and the Netherlands. Key imports included motor spirit, gas oil, wheat, butanes, and cane sugar.
Agricultural imports stood at N893.25 billion, down 2.96% from Q1 2024 but up 96.38% year-on-year.
