Nigeria’s trade surplus rises to N6.95 trillion in Q2 2024 as imports drop

Nigeria recorded a trade surplus of N6.95 trillion in the second quarter of 2024 in the face of increased exports.

The National Bureau of Statistics (NBS) disclosed this on Wednesday in its Foreign Goods Statistics for Q2 2024.

This surplus marks a 6.60 percent increase from the previous quarter, which recorded a surplus of N6.52 trillion.

Nigeria’s total merchandise trade in Q2 2024 stood at N31.89 trillion, representing a 3.76 percent decline compared to the preceding quarter (Q1 2024), however marking a 150.39 percent rise from the corresponding period in 2023.

In the quarter under review, exports accounted for 60.89 percent of total trade with a value of N19,418.93 billion, showing a marginal increase of 1.31 percent compared to the value recorded in Q1 2024 (N19,167.36) and a 201.76 percent rise over the value recorded in the second quarter of 2023 (N6,435.13).

Nigeria’s export trade continued to be dominated by crude oil exports, in the second quarter of 2024.

This comes as crude oil export was valued at N14,559.56 billion representing 74.98 percent of total exports while the value of noncrude oil exports stood at N4,859.37 billion accounting for 25.02% of total exports; of which non-oil products contributed N1,944.25 billion or 10.01% of total exports.