The National Bureau of Statistics (NBS) has announced that Nigeria’s total merchandise trade reached N31,892.46 billion in the second quarter of 2024. This figure represents a decrease of 3.76% compared to Q1 2024 but an impressive increase of 150.39% from Q2 2023.
According to the NBS Foreign Trade in Goods Statistics Report released in Abuja on Thursday:
- Total Exports: N19,418.93 billion, accounting for 60.89% of total trade. This is a 1.31% increase from Q1 2024’s export value of N19,167.36 billion and a 201.76% rise from Q2 2023’s N6,435.13 billion.
- Total Imports: N12,473.53 billion. This marks a 10.71% decrease from Q1 2024’s import value of N13,970.05 billion but a 97.93% increase from Q2 2023’s N6,301.95 billion.
The report highlights that Nigeria’s export trade remains heavily reliant on crude oil, which was valued at N14,559.56 billion, representing 74.98% of total exports in Q2 2024. Non-crude oil exports were valued at N4,859.37 billion, making up 25.02% of total exports, with non-oil products contributing N1,944.25 billion, or 10.01% of total exports.
Top trading export partners in Q2 2024 included Spain, the U.S., France, India, and the Netherlands. On the import side, China was Nigeria’s largest trading partner, followed by Belgium, India, the United States, and the Netherlands.