Nigeria’s complete merchandise commerce noticed vital development within the fourth quarter of 2024, pushed by a surge in imports and regular export efficiency.
In line with the newest International Commerce in Items Statistics report launched by the Nationwide Bureau of Statistics (NBS), complete commerce for the quarter stood at N36.6 trillion, representing a 68.3% enhance from the corresponding quarter in 2023 and a 2.2% rise from the third quarter of 2024.
Regardless of sustaining a commerce surplus, Nigeria’s commerce steadiness noticed a notable decline in This fall 2024.
The excess for the quarter stood at N3.42 trillion, reflecting a 34.9% drop from the earlier quarter.
The discount in surplus was largely pushed by the continued enhance in imports and a slight decline in export efficiency.
The report learn, “Nigeria’s complete merchandise commerce stood at N36,604.83 billion in This fall, 2024. This represents a rise of 68.32% in comparison with the worth (N21,747.40) recorded within the corresponding interval of 2023 and an increase of two.20% over the worth recorded within the previous quarter (N35,818.35).”
Exports rise by 57.7% as crude oil stays dominant
- Whole exports in This fall 2024 have been valued at N20.01 trillion, reflecting a 57.7% year-on-year enhance however a slight 2.55% decline from N20.54 trillion recorded in Q3 2024. Crude oil continued to dominate Nigeria’s export market, accounting for 68.87% of complete exports with a worth of N13.78 trillion. This marked a 33.7% enhance in comparison with This fall 2023 and a 2.8% enhance from Q3 2024.
- Different key export merchandise through the quarter included liquefied pure gasoline, petroleum gases, superior high quality cocoa beans, and urea. These commodities contributed considerably to the nation’s non-oil export income.
- The Netherlands emerged as Nigeria’s largest export vacation spot, receiving N2.09 trillion value of products, representing 10.44% of complete exports. France adopted with N1.91 trillion, whereas Spain recorded N1.74 trillion in commerce worth. India and Indonesia are additionally featured among the many high 5 export companions, with commerce values of N1.60 trillion and N1.41 trillion, respectively. Collectively, these 5 international locations accounted for 43.7% of Nigeria’s complete exports through the interval beneath assessment.
- The agricultural sector posted robust export development in This fall 2024, with complete agricultural exports valued at N1.54 trillion. This represented a 232% enhance in comparison with This fall 2023.
- Superior high quality cocoa beans contributed N836.2 billion to complete agricultural exports, making it probably the most exported agricultural product. Customary high quality cocoa beans adopted at N269.3 billion, whereas sesamum seeds accounted for N202.9 billion. Different notable agricultural exports included pure cocoa butter (N104.6 billion) and shelled cashew nuts (N30.8 billion).
- Nigeria’s agricultural exports have been largely directed to Europe, which accounted for N986.7 billion of complete agricultural commerce. Asia was the second-largest market, receiving N474.4 billion value of agricultural merchandise. The Netherlands and Malaysia have been the highest consumers of Nigerian cocoa beans, whereas China and Japan imported vital portions of sesamum seeds.
- Whole exports within the strong minerals sector stood at N60.7 billion, reflecting a 69.2% enhance year-on-year however a 21.9% decline from Q3 2024. Cement clinkers and tin ores have been the dominant strong mineral exports, with main buying and selling companions together with Cameroon and China.
- Stable mineral imports, primarily plasters from Egypt and Tunisia, have been valued at N111.8 billion through the quarter.
- Manufactured items exports have been valued at N494.2 billion in This fall 2024, rising by 110.3% from This fall 2023 however declining by 52.5% from Q3 2024. Key manufactured items exported through the interval included unwrought aluminum alloys, dredgers, and cathodes.
- Most of Nigeria’s manufactured items exports have been despatched to Africa, adopted by Asia and Europe. In the meantime, imports on this class stood at N8.47 trillion, with plane elements from France and photovoltaic cells from China among the many most imported gadgets.
Imports surge by 83.2% to N16.59 trillion
- Whole imports in This fall 2024 rose sharply to N16.59 trillion, marking an 83.2% enhance in comparison with N9.05 trillion recorded within the corresponding quarter of 2023. On a quarter-on-quarter foundation, imports elevated by 8.57% from N15.28 trillion recorded in Q3 2024.
- Regardless of the general enhance, mineral product imports skilled a decline, falling from N5.84 trillion in Q3 2024 to N4.92 trillion in This fall 2024. This decline indicators a discount in Nigeria’s reliance on imported mineral fuels and associated merchandise.
- Agricultural imports climbed to N1.09 trillion in This fall 2024, representing a 53.4% enhance in comparison with the identical interval in 2023. Equally, uncooked materials imports surged to N2.11 trillion, reflecting a 118.2% year-on-year rise. Manufactured items imports recorded a considerable bounce to N8.47 trillion, marking a 113.3% enhance from This fall 2023.
- China maintained its place as Nigeria’s largest import supply, accounting for N4.61 trillion or 27.8% of complete imports. India adopted with N1.90 trillion, whereas Belgium, the USA, and France contributed N1.39 trillion, N1.06 trillion, and N601.28 billion, respectively.
Nigeria’s commerce with Africa and ECOWAS stays steady
Commerce with African international locations remained sturdy, with complete exports valued at N2.04 trillion, whereas imports stood at N514.96 billion, representing simply 3.1% of complete imports. South Africa, Ivory Coast, and Senegal emerged as Nigeria’s high buying and selling companions on the continent.
Inside ECOWAS, Nigeria’s exports amounted to N1.18 trillion, whereas imports from the area have been valued at N77.1 billion. Ivory Coast ranked as the most important ECOWAS export vacation spot, adopted by Senegal, Togo, Ghana, and the Benin Republic.
Essentially the most exported merchandise to ECOWAS included petroleum oils, electrical power, and cigarettes, whereas crude palm oil and petroleum bitumen have been the highest imports from the area.
Commerce by transport mode dominated by sea shipments
The report highlighted that 98.8% of Nigeria’s exports in This fall 2024 have been transported by sea, with Apapa Port dealing with 89.6% of complete outbound shipments. Air and highway transport accounted for minimal shares of complete exports.
On the import facet, maritime transport remained dominant, accounting for 90.2% of complete inbound shipments. Apapa Port additionally served as Nigeria’s main entry level for imports.
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