Nigeria Records N6.52 Trillion Trade Surplus in First Quarter of 2024

Riding a wave of strong exports, Nigeria’s trade surplus has soared 79% to a record-breaking N6.52 trillion in the first quarter of 2024, compared to the same period last year.

This positive development marks a significant turnaround from previous quarters and indicates a robust start to the year for the Nigerian economy.

According to the National Bureau of Statistics (NBS), the country recorded a positive trade balance of N6.52 trillion for the sixth straight quarter in Q1, a 79.1 per cent increase from N3.64 trillion in the previous quarter. It also jumped from N20.9 billion on a year-on-year basis.

This remarkable growth is attributed to a substantial rise in exports, which has boosted the country’s economic performance.

Nigeria’s trade balance measures the difference between its exports against its imports and a positive trade balance occurs when a country’s exports exceed its imports.

Total merchandise trade in Africa’s most populous nation stood at N31.8 trillion in Q1, an increase of 46.3 per cent over the value recorded in the preceding quarter and rose by 145.6 per cent compared to the value recorded in the corresponding period of 2023.

“Data revealed that export accounted for 60.3 per cent of total trade in the reviewed quarter with a value of N19.2 trillion, showing an increase of 51 per cent compared to the value recorded in Q4 (N12.7 trillion) and by 195.5 per cent over the value recorded in Q1 2023 (N6.48 trillion),” the NBS report said.

It said exports trade in Q1 was dominated by crude oil exports valued at N15.4 trillion representing 80.8 per cent of total exports while the value of non-crude oil exports stood at N3.68 trillion accounting for 19.20 per cent of total exports; of which non-oil products contributed N1.78 trillion or 9.28 per cent of total exports.

“On the other hand, the share of total imports accounted for 39.7 per cent of total trade in Q1 with the value of imports amounting to N12.6 trillion. This value indicates an increase of 39.6 per cent over the value recorded in Q4 (N9.05 trillion) and rose by 95.5 per cent compared to the value recorded in Q1 2023 (N6.47 trillion).”

China ranked highest among Nigeria’s top trading partners on the import side in the period, followed by India, the United States of America, Belgium, and The Netherlands.

The most traded commodities were Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons.