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(Ecofin Agency) – In Q2 2024, Nigeria’s exports amounted to 17,545 billion naira ($11.2 billion), while imports totaled 13,497 billion naira.
Nigeria’s trade balance showed a surplus of 5.8 trillion naira (around $3.7 billion) in Q3 2024, according to the “Foreign Trade in Goods Statistics” report from the National Bureau of Statistics (NBS), released on December 6.
The report reveals a significant 98% increase in exports, which reached 20,486 billion naira, up from 10,346 billion naira during the same period in 2023. The most exported products during this period included petroleum products and high-quality cocoa beans. Nigeria’s main export partners were Spain, the United States, France, the Netherlands, and Italy.
As for imports, the country saw a 62.3% increase in the third quarter of 2024 compared to the same period in 2023, rising from 9,041 billion naira to 14,674 billion naira. The most imported goods included regular gasoline, diesel, durum wheat, cane sugar for refining, and used vehicles. China remains the country’s largest trade partner, followed by India, Belgium, the United States, and Malta.
Regionally, Nigeria’s exports to African countries amounted to 2,486 billion naira, while imports from Africa reached 512.56 billion naira. The main African trading partners during this period were Côte d’Ivoire, South Africa, Togo, Senegal, and Egypt. Within the Economic Community of West African States (ECOWAS), the leading trade partners were Côte d’Ivoire, Togo, and Ghana.
In total, Nigeria’s trade in the third quarter of 2024 amounted to 35,160.44 billion naira. This represents a 13.26% increase compared to the previous quarter and an 81.35% increase compared to the same period in 2023.
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