Nigeria’s foreign exchange earnings surged in the second quarter of 2024, driven by a robust export performance, resulting in a significant increase in the foreign trade surplus to N6.95 trillion.
The trade surplus, which reflects a positive balance of trade where exports exceed imports, marks a 6.60% rise from the previous quarter. According to the National Bureau of Statistics (NBS), this surplus underscores Nigeria’s strong export performance despite a slight decline in overall merchandise trade.
The latest foreign trade statistics reveal that fuel products topped the list of imported goods. In Q2 2024, the value of other oil products imports stood at N4.425 trillion, a decrease of 23.34% from N5.772 trillion in Q1 2024 but a significant 98.64% increase from N2.23 trillion in Q2 2023. Total imports amounted to N12.47 trillion in Q2 2024, showing a 10.71% decrease from the N13.97 trillion recorded in Q1 2024 but a notable 97.93% rise compared to N6.3 trillion in Q2 2023.
The NBS report highlighted that total merchandise trade for Q2 2024 reached N31.89 trillion, representing a 3.76% decline from the previous quarter but a dramatic 150.39% increase from the same period in 2023. The report noted that imports constituted 39.11% of the total trade value in Q2 2024.
Exports continued to drive Nigeria’s trade surplus, with total exports valued at N19.42 trillion in Q2 2024, up 1.31% from N19.17 trillion in Q1 2024 and a remarkable 201.76% increase from N6.44 trillion in Q2 2023. Crude oil exports were particularly dominant, contributing N14.56 trillion, or 74.98% of total exports. Non-crude oil exports were valued at N4.86 trillion, making up 25.02% of the total, with non-oil products contributing N1.94 trillion.
The report also detailed Nigeria’s top export destinations. Spain emerged as the largest export partner, receiving goods worth N2.01 trillion, or 10.34% of Nigeria’s total exports. The United States followed with N1.86 trillion (9.56%), while France imported N1.82 trillion (9.37%). Other significant export partners included India with N1.65 trillion (8.50%) and the Netherlands with N1.38 trillion (7.10%). Together, these top five partners accounted for 44.87% of Nigeria’s total exports.
On the import side, Nigeria’s total import value was N12.47 trillion, accounting for 39.11% of the country’s merchandise trade. This figure represents a 10.71% decrease from Q1 2024 but a 97.93% increase from Q2 2023. China remained Nigeria’s largest supplier, with imports valued at N3.03 trillion, or 24.29% of total imports. Belgium followed with N1.79 trillion (14.35%), India with N1.06 trillion (8.49%), the United States with N917.84 billion (7.36%), and the Netherlands with N585.3 billion (4.69%).
The NBS report also noted that maritime transport dominated both exports and imports. Exports transported by sea amounted to N19.25 trillion, representing 99.14% of total exports. In contrast, air transport contributed only N73.72 billion (0.38%) and road transport N30.72 billion (0.16%).
On the import side, maritime transport accounted for N11.84 trillion (94.94%), while air transport contributed N531.38 billion (4.66%) and road transport only N49.97 billion (0.40%).
