Nigeria’s trade surplus soars as exports exceed ₦2 trillion in Q1 2024

Nigeria’s foreign trade surged in the first quarter of 2024, showcasing a robust economic performance, according to a Monday report by the National Bureau of Statistics.

The total trade value reached ₦31.81 trillion, marking a substantial increase of 46.27 per cent from the previous quarter and a 145.58 per cent rise year-on-year from Q1 2023.

Trade Overview

• Total Imports: ₦12.64 trillion (39.75% of total trade)
• Total Exports: ₦19.17 trillion (60.25% of total trade)
• Trade Balance: Positive at ₦6.52 trillion

Import Analysis

The value of imports in Q1 2024 stood at ₦12.64 trillion, reflecting a 39.65% increase from Q4 2023 and a 95.53% rise compared to Q1 2023. The top trading partners on the import side were China, India, the USA, Belgium, and the Netherlands. The leading imported commodities included motor spirit, gas oil, durum wheat, cane sugar, and other liquefied petroleum gases.

• Agricultural Goods: ₦920.54 billion (+29.45% from Q4 2023; +95.28% from Q1 2023)
• Raw Materials: ₦1.47 trillion (+51.78% from Q4 2023; +164.18% from Q1 2023)
• Solid Minerals: ₦71.38 billion (+21.15% from Q4 2023; +59.23% from Q1 2023)
• Manufactured Goods: ₦5.74 trillion (+44.47% from Q4 2023; +139.47% from Q1 2023)
• Other Oil Products: ₦4.45 trillion (+32.90% from Q4 2023; +48.28% from Q1 2023)

Export Analysis

Nigeria’s total exports were valued at ₦19.17 trillion in Q1 2024, a significant increase of 51.00% from the previous quarter and a staggering 195.47% from Q1 2023. The key export destinations were France, Spain, the Netherlands, India, and the USA. Major exported commodities included crude oil, liquefied natural gas, sesamum seeds, urea, and superior-quality cocoa beans.

• Agricultural Goods: ₦1.04 trillion (+123.08% from Q4 2023; +270.13% from Q1 2023)
• Raw Materials: ₦352.75 billion (+7.09% from Q4 2023; +76.48% from Q1 2023)
• Solid Minerals: ₦63.41 billion (+76.77% from Q4 2023; +143.69% from Q1 2023)
• Manufactured Goods: ₦268.70 billion (+14.36% from Q4 2023; +104.88% from Q1 2023)
• Crude Oil: ₦15.49 trillion (+50.20% from Q4 2023; +200.79% from Q1 2023)
• Other Oil Products: ₦1.90 trillion (+47.70% from Q4 2023; +177.17% from Q1 2023)

Regional Trade Dynamics

Exports to African countries amounted to ₦2.24 trillion, while imports stood at ₦401.83 billion. Nigeria’s primary export destinations within Africa were South Africa, Ivory Coast, Senegal, Benin, and Togo. On the import side, South Africa and Ivory Coast were the leading partners.

Trade with ECOWAS Countries

• Exports: ₦1.25 trillion
• Imports: ₦113.04 billion

Ivory Coast, Senegal, Benin, Togo, and Ghana were the major export destinations within ECOWAS, while key imports were sourced from Ivory Coast, Togo, Ghana, Liberia, and Benin.

Sectoral Highlights

• Agriculture: Significant growth in both imports and exports, reflecting Nigeria’s increasing agricultural trade activity.
• Manufacturing: Both imports and exports of manufactured goods saw considerable increases, indicating a vibrant industrial sector.
• Oil and Gas: Crude oil remained the dominant export, underscoring Nigeria’s reliance on hydrocarbon revenues.

The Q1 2024 foreign trade statistics indicate a strong economic performance for Nigeria, driven by substantial increases in both imports and exports. The positive trade balance highlights the country’s export growth, particularly in crude oil and agricultural goods.

The diversification of trade partners and commodities underscores Nigeria’s strategic economic engagements. This robust trade performance could have significant implications for economic policy and planning, particularly in reinforcing infrastructure and trade agreements to sustain growth momentum.

Overall, the data suggests a promising outlook for Nigeria’s economy, contingent on stable global market conditions and continuous improvements in domestic production and export capabilities.

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