Nigeria’s trade surplus grew to N5.81 trillion in the third quarter of 2024, according to a report from the National Bureau of Statistics (NBS). This is the eighth consecutive quarter with a positive trade balance, significant increase in export earnings. The total value of goods traded in the country reached N35.1 trillion during the third quarter. This represents a 13.26% growth from the previous quarter and an 81.35% increase compared to the same period in 2023.
Exports made up 58.27% of all trade, which was worth N20.5 trillion, and saw a 98% increase compared to the third quarter of 2023. This was a 98% increase compared to the third quarter of 2023.
Most of the exports were crude oil, which contributed 65.44% of the total exports, worth N13.4 trillion. Non-crude oil exports also grew, reaching N7 trillion, the highest in many years. Agricultural exports increased by 301.87%, totaling N884.07 billion, though this was slightly lower by 9.20% compared to the second quarter of 2024.
However, imports grew by 62.30% to N14.67 trillion, mainly due to an increase in manufactured goods, raw materials, and agricultural products. Nigeria’s main export partners were Spain, the United States, France, the Netherlands, and Italy. Meanwhile, China continued to be the biggest source of imports for Nigeria.
