Nigeria’s total merchandise trade reached N35,160.44 billion in the third quarter of 2024, reflecting an impressive 81.35% increase compared to the same period in 2023 and a 13.26% rise over the previous quarter. The significant growth underscores the country’s expanding trade activities, supported by both export and import performance.
Exports dominated Nigeria’s trade landscape, contributing 58.27% of total trade at N20,486.39 billion. This marks a 98.00% surge from the N10,346.60 billion recorded in Q3 2023 and a 16.76% rise from N17,545.62 billion in Q2 2024.
Crude oil remained the cornerstone of Nigeria’s export trade, accounting for 65.44% of total exports. The value of crude oil exports stood at N13,406.37 billion. Non-crude oil exports were valued at N7,080.02 billion, representing 34.56% of total exports, of which non-oil products contributed N2,501.85 billion (12.21% of total exports).
Imports accounted for 41.73% of total trade, amounting to N14,674.05 billion. This reflects a 62.30% increase from the N9,041.24 billion recorded in Q3 2023 and an 8.71% rise from N13,497.90 billion in Q2 2024.
Nigeria maintained a positive merchandise trade balance of N5,812.34 billion in Q3 2024, a 43.60% improvement compared to the preceding quarter. The trade surplus highlights the country’s continued reliance on export revenues, particularly from crude oil, to bolster its economic performance.
The robust growth in Nigeria’s trade volume signifies progress in the country’s economic recovery and diversification efforts. However, the dominance of crude oil exports highlights the need for sustained investment in non-oil sectors to ensure long-term economic resilience.
As Nigeria continues to navigate global economic uncertainties, its trade performance will play a critical role in shaping the nation’s economic trajectory.
