Nigeria recorded a trade surplus of N6.95 trillion in the second quarter of 2024, according to a report released by the National Bureau of Statistics (NBS) on Wednesday which shows a decline in Nigeria’s import.
Nairametrics reports that this reflects the country’s strong export performance amidst a slight decline in overall merchandise trade. This surplus marks a 6.60% increase from the previous quarter, which recorded a surplus of N6.52 trillion.
Nigeria’s total merchandise trade in Q2 2024 stood at N31.89 trillion, representing a 3.76% decline compared to the preceding quarter (Q1 2024) but marking a 150.39% rise from the corresponding period in 2023.
Nigeria’s export sector continues to be the primary driver of its trade surplus. In Q2 2024, total exports stood at N19.42 trillion, accounting for 60.89% of the country’s total trade. This represents a 1.31% increase from N19.17 trillion in the first quarter and a 201.76% surge from N6.44 trillion recorded in Q2 2023.
The dominance of crude oil exports remains a key factor in this performance, contributing N14.56 trillion, or 74.98% of total exports.
Non-crude oil exports, valued at N4.86 trillion, made up 25.02% of the total export value, with non-oil products contributing N1.94 trillion. The strong export performance, particularly in crude oil, ensured that Nigeria maintained a favourable trade balance
