Nigeria’s trade surplus soared to a record N6.52 trillion in the first quarter of 2024, driven by significant export growth, according to the latest foreign trade statistics report by the National Bureau of Statistics (NBS). This marks a substantial turnaround from the N1.41 trillion trade deficit recorded in the fourth quarter of 2023 and the N927.2 billion deficit in the same period last year.
Impressive Export Performance
The report highlights that Nigeria’s total exports for Q1 2024 were valued at N19.17 trillion, reflecting a 51% increase from the previous quarter’s N12.69 trillion and a remarkable 195.47% rise from N6.49 trillion in Q1 2023. Major export destinations included France, Spain, the Netherlands, India, and the United States.
Crude oil exports, constituting 80.80% of total exports, surged to N15.49 trillion, a 50.20% increase from N10.31 trillion in Q4 2023, and a 200.79% rise from N5.15 trillion in Q1 2023. Agricultural exports also saw significant growth, totaling N1.04 trillion, up by 123.08% from N463.97 billion in Q4 2023 and by 270.13% from N279.64 billion in Q1 2023.
Rising Imports
Total imports for Q1 2024 stood at N12.64 trillion, a 39.65% increase from N9.05 trillion in Q4 2023 and a 95.53% rise from N6.47 trillion in Q1 2023. China remained Nigeria’s largest import partner, contributing 23.18% to the total imports, followed by India, the United States, Belgium, and the Netherlands.
Economic Impact
The NBS report attributes the record trade surplus to the significant increase in exports and the depreciation of the exchange rate, which boosts the naira value of trade figures when converted from foreign currencies.
Top Export Partners
France emerged as the top destination for Nigerian exports, accounting for 11.09% of the total export value, followed by Spain (10.56%), the Netherlands (8.85%), India (8.41%), and the United States (6.84%). Key export commodities included crude oil, liquefied natural gas, sesamum seeds, urea, and superior-quality cocoa beans.
Top Import Partners
On the import side, China was Nigeria’s leading partner, contributing 23.18% to total imports. Other significant import partners included India (8.46%), the United States (7.98%), Belgium (7.56%), and the Netherlands (4.68%). Major imported commodities comprised motor spirit ordinary, gas oil, durum wheat, cane sugar meant for sugar refinery, and other liquefied petroleum gases.
Trade by Mode of Transport
Maritime transport dominated Nigeria’s trade activities, accounting for N19.02 trillion or 99.25% of total exports and N11.91 trillion or 94.17% of total imports, underscoring the critical role of the country’s ports and shipping infrastructure in international trade.
The substantial trade surplus in Q1 2024 reflects Nigeria’s robust export performance and strategic economic measures, positioning the nation for continued growth and stability in the global market.
