In the second quarter of 2024, Nigeria achieved a trade surplus of N6.95 trillion, underscoring the country’s robust export performance despite a slight dip in overall merchandise trade. This surplus reflects a 6.60% increase from the N6.52 trillion surplus recorded in the preceding quarter.
Total merchandise trade for Nigeria in Q2 2024 amounted to N31.89 trillion. Although this represents a 3.76% decrease compared to the previous quarter, it signifies a remarkable 150.39% increase relative to the same period in 2023. The data, released by the National Bureau of Statistics (NBS), indicates a reduction in imports which contributed to the substantial trade surplus.
The primary driver of this surplus is Nigeria’s export sector. In Q2 2024, total exports reached N19.42 trillion, accounting for 60.89% of the nation’s total trade. This figure reflects a 1.31% increase from N19.17 trillion in Q1 2024 and a dramatic 201.76% rise from N6.44 trillion in Q2 2023. Crude oil exports, contributing N14.56 trillion or 74.98% of total exports, continue to be a major factor in Nigeria’s export success. Non-crude oil exports, valued at N4.86 trillion, represented 25.02% of the export total, with non-oil products adding N1.94 trillion.
Geographically, Nigeria’s export destinations were predominantly European and American. Spain emerged as the largest export partner with goods valued at N2.01 trillion, representing 10.34% of Nigeria’s total exports. The United States followed with N1.86 trillion (9.56%), while France imported N1.82 trillion worth of Nigerian goods, accounting for 9.37% of total exports. India and the Netherlands also featured prominently, contributing N1.65 trillion (8.50%) and N1.38 trillion (7.10%) respectively. Collectively, these top five partners accounted for 44.87% of Nigeria’s exports in the second quarter of 2024.
On the other hand, imports saw a significant decrease. Total imports in Q2 2024 were valued at N12.47 trillion, constituting 39.11% of total merchandise trade. This represents a 10.71% decrease from the N13.97 trillion recorded in Q1 2024, yet a 97.93% increase from the N6.30 trillion recorded in Q2 2023. The reduction in imports further amplified the trade surplus, reflecting Nigeria’s strengthening export sector relative to its import needs.
Belgium was a notable import partner, supplying goods worth N1.79 trillion (14.35%), while India contributed N1.06 trillion (8.49%). The United States and the Netherlands followed as significant import sources with N917.84 billion (7.36%) and N585.30 billion (4.69%) respectively. These countries primarily provided mineral fuels, machinery, and transport equipment.
In terms of transport modes, maritime transport was dominant. In Q2 2024, sea transport accounted for N19.25 trillion, or 99.14% of total exports. Air transport contributed minimally at N73.72 billion (0.38%), with road transport at N30.72 billion (0.16%) and other methods, including pipelines, at N63.28 billion (0.33%). Similarly, for imports, maritime transport led with N11.84 trillion (94.94%), followed by air transport with N531.38 billion (4.66%) and road transport with N49.97 billion (0.40%). This heavy reliance on maritime transport underscores the crucial role of Nigeria’s seaports in international trade facilitation.
