The National Bureau of Statistics (NBS) says Nigeria recorded a trade surplus of N6.94 trillion between April and June.
The NBS, in its foreign trade report for the second quarter (Q2) of 2024, said Nigeria’s exports totaled N19.41 trillion while imports stood at N12.47 trillion — representing a trade surplus of N6.94 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).
Crude oil exports continued to dominate Nigeria’s export trade in the second quarter of 2024, valued at N14,559.56 billion representing 74.98 percent of total exports. The value of non-crude oil exports stood at N4,859.37 billion, accounting for 25.02% of total exports, with non-oil products contributing N1,944.25 billion or 10.01% of total exports.
The increase in Nigeria’s trade surplus can be attributed to a decline in imports and a rise in exports, particularly in the crude oil sector. This positive trade balance indicates an improvement in Nigeria’s economic performance and trade competitiveness.