Nigeria’s trade surplus has surged to an impressive N6.95 trillion for the second quarter of 2024, reflecting the nation’s robust export performance despite a minor dip in overall merchandise trade.
This surplus represents a notable 6.60% increase from the N6.52 trillion recorded in the previous quarter, underscoring Nigeria’s growing trade prowess.
The National Bureau of Statistics (NBS) reported that Nigeria’s total merchandise trade in Q2 2024 amounted to N31.89 trillion, marking a 3.76% decrease from Q1 2024 but a striking 150.39% increase from the same period in 2023.
The decline in overall trade was offset by a strong export sector, which continued to drive the country’s trade surplus.
Exports played a pivotal role, totaling N19.42 trillion and making up 60.89% of the country’s total trade.
This figure represents a 1.31% rise from the previous quarter and a staggering 201.76% increase from Q2 2023.
Crude oil exports, valued at N14.56 trillion, were the primary contributors to this performance, while non-crude oil exports also saw a significant boost.
On the other hand, imports decreased significantly in Q2 2024, falling to N12.47 trillion, which was a 10.71% reduction from the previous quarter.
Despite a 97.93% increase from Q2 2023, this drop in imports has further contributed to Nigeria’s trade surplus.
The reduction in imports highlights the nation’s growing export strength and reduced reliance on foreign goods.
