Nigeria data N5.81 trillion commerce surplus in Q3 2024 as export earnings surge 

Nigeria posted a commerce surplus of N5.81 trillion within the third quarter of 2024, pushed by a major enhance in export earnings.

That is in response to the newest report from the Nationwide Bureau of Statistics (NBS).

This marked a notable rise in commerce efficiency in comparison with the earlier yr. Nevertheless, the excess was decrease than the N6.95 trillion recorded within the second quarter of 2024.

The NBS International Commerce Statistics report, launched on Friday, revealed that the nation’s whole merchandise commerce for Q3 2024 stood at N35.16 trillion, reflecting an 81.35% enhance in comparison with Q3 2023 and a 13.26% rise from the earlier quarter.

The report learn, “Nigeria’s whole merchandise commerce stood at N35,160.44 billion in Q3, 2024. This represents a rise of 81.35% in comparison with the worth recorded within the corresponding interval of 2023 and an increase of 13.26% over the worth recorded within the previous quarter. 

“Within the quarter underneath assessment, exports accounted for 58.27% of whole commerce with a price of N20,486.39 billion, displaying a rise of 98.00% rise over the worth recorded within the third quarter of 2023 (N10,346.60) and 16.76% in comparison with the worth recorded in Q2 2024 (N17,545.62).” 

Surge in exports 

Whole exports for Q3 2024 reached N20.49 trillion, representing a 98% enhance from N10.35 trillion in the identical interval final yr. This additionally marks a 16.76% rise from N17.55 trillion within the second quarter of 2024.

The report learn: “Whole exports in Q3 2024 have been valued at N20,486.39 billion, reflecting a 98.00% rise in comparison with N10,346.60 billion within the corresponding quarter of 2023 and a 16.76% enhance in comparison with N17,545.62 billion in Q2 2024.” 

• The numerous development in exports was primarily pushed by Nigeria’s oil and gasoline sector, with crude oil exports alone accounting for N13.41 trillion, a 57.06% enhance from N8.54 trillion in Q3 2023. Exports of different oil merchandise, together with liquefied pure gasoline (LNG) and petroleum gases, surged by 303.93% to N4.58 trillion.
• Agricultural exports additionally noticed a exceptional enhance of 301.87%, reaching N884.07 billion in comparison with N219.99 billion in Q3 2023, though this represented a slight decline of 9.20% from Q2 2024. Moreover, exports of stable minerals and manufactured items confirmed sturdy efficiency, rising by 86.58% and 419.93%, respectively.

Spain emerged as Nigeria’s largest export associate in Q3 2024, adopted by the USA, France, the Netherlands, and Italy. These nations benefitted primarily from Nigeria’s crude oil, LNG, and different petroleum exports.

Elevated imports 

On the import aspect, Nigeria’s whole import invoice for Q3 2024 amounted to N14.67 trillion, a 62.30% rise from N9.04 trillion in Q3 2023. This additionally marked an 8.71% enhance in comparison with the earlier quarter.

• The report learn: “The worth of whole imports stood at N14,674.05 billion within the third quarter of 2024, representing an increase of 62.30% from the worth recorded within the corresponding quarter of 2023 (N9,041.24 billion) and elevated by 8.71% in contrast with the worth recorded in Q2, 2024 (N13,497.90 billion).” 
• Manufactured items led the surge in imports, rising by 76.44% to N6.98 trillion, whereas uncooked supplies elevated by 66.11% to N1.58 trillion. Imports of agricultural merchandise stood at N882.24 billion, reflecting a 37.06% enhance from Q3 2023.

China remained Nigeria’s largest import associate, adopted by India, Belgium, the USA, and Malta. Key imports included motor spirit, gasoline oil, durum wheat, and used automobiles.