Nigeria’s trade surplus soared to N6.95 trillion in Q2 2024, driven by robust export performance despite a slight dip in overall merchandise trade. This marks a 6.60% increase from the previous quarter’s surplus of N6.52 trillion.
According to the National Bureau of Statistics (NBS), Nigeria’s total merchandise trade stood at N31.89 trillion in Q2 2024, a 3.76% decline from Q1 2024 but a significant 150.39% rise from Q2 2023. The report highlights a decline in imports, contributing to the substantial trade surplus.
Exports remain the primary driver of Nigeria’s trade surplus, with Q2 2024 exports reaching N19.42 trillion, accounting for 60.89% of total trade. This represents a 1.31% increase from Q1 2024 and a remarkable 201.76% surge from Q2 2023.
Crude oil exports dominate, contributing N14.56 trillion (74.98% of total exports), while non-crude oil exports valued at N4.86 trillion make up 25.02% of total export value. Non-oil products contribute N1.94 trillion.
The strong export performance, particularly in crude oil, maintains a favorable trade balance. Nigeria’s top export destinations are European and American countries, with Spain emerging as the largest export partner, receiving goods valued at N2.01 trillion (10.34% of total exports).
The United States follows closely with N1.86 trillion (9.56%), while France imports N1.82 trillion worth of Nigerian goods (9.37% of total exports). Other significant export partners include India (N1.65 trillion or 8.50%) and the Netherlands (N1.38 trillion or 7.10%).
These top five export partners contribute 44.87% of Nigeria’s total exports in Q2 2024. Meanwhile, imports decline, with a total value of N12.47 trillion, accounting for 39.11% of merchandise trade.
This marks a 10.71% decrease from Q1 2024 but a 97.93% increase from Q2 2023. The reduction in imports contributes to the significant trade surplus, highlighting Nigeria’s growing export strength relative to import demand.
China remains Nigeria’s largest supplier, with imports valued at N3.03 trillion (24.29% of total imports). Belgium follows, supplying goods worth N1.79 trillion (14.35%), while India contributes N1.06 trillion (8.49% of total imports).
The United States is the fourth-largest import partner with N917.84 billion (7.36%), and the Netherlands rounds out the top five with N585.30 billion (4.69% of total imports). These countries supply significant portions of Nigeria’s imports, mainly mineral fuels, machinery, and transport equipment.
In Q2 2024, maritime transport dominates Nigeria’s trade, with exports transported by sea accounting for N19.25 trillion (99.14% of total exports). Air transport plays a minimal role, contributing N73.72 billion (0.38%), while road transport accounts for N30.72 billion (0.16% of exports).
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