Nigeria’s merchandise trade reached ₦31,892.46 billion in the second quarter of 2024, according to the National Bureau of Statistics (NBS). This marks a 3.76% decrease from Q1 2024 but represents a 150.39% increase compared to Q2 2023.
Total exports for the period amounted to ₦19,418.93 billion, accounting for 60.89% of the total trade. This figure saw a 1.31% increase from the previous quarter and a remarkable 201.76% rise from Q2 2023.
In contrast, total imports stood at ₦12,473.53 billion, reflecting a 10.71% decrease from Q1 2024 but a 97.93% increase compared to Q2 2023.
Crude oil exports dominated Nigeria’s export trade, valued at ₦14,559.56 billion, which constitutes 74.98% of total exports. Non-crude oil exports were valued at ₦4,859.37 billion, making up 25.02% of total exports, with non-oil products contributing ₦1,944.25 billion or 10.01%.
Top export partners included Spain, the U.S., France, India, and The Netherlands. On the import side, China was Nigeria’s leading trading partner, followed by Belgium, India, the U.S., and The Netherlands.