By Abiola Olawale
The National Bureau of Statistics (NBS) has revealed that Nigeria recorded a trade surplus of N6.95 trillion in the second quarter of 2024.
According to a report released. by the NBS, the trade surplus recorded in the second quarter of 2024 represents a 6.60% increase from the previous quarter, which recorded a surplus of N6.52 trillion.
Also, NBS disclosed that 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.
A breakdown of the report indicated that 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.
In Q2 2024, Nigeria’s top export destinations were dominated by European and American countries. Spain emerged as the largest export partner, receiving goods valued at N2.01 trillion, accounting for 10.34% of Nigeria’s total exports.
The United States followed closely with N1.86 trillion (9.56%), while France imported N1.82 trillion worth of Nigerian goods, representing 9.37% of total exports.
Meanwhile, imports in Q2 2024 experienced a notable decline, according to the NBS report. The total value of imports stood at N12.47 trillion, accounting for 39.11% of the country’s merchandise trade.
This marked a 10.71% decrease from the N13.97 trillion recorded in Q1 2024 but still showed a 97.93% increase from the N6.30 trillion recorded in Q2 2023.
