Nigeria’s Q2 2024 Trade Surges to ₦31.9 Trillion, Exports Lead with 60.89% Share

This is according to the NBS Foreign Trade in Goods Statistics Report for Q2 2024 released in Abuja on Thursday. The NBS said the figure represented a decrease of 3.76% over the value recorded in Q1 2024 and an increase of 150.39% compared to the value recorded in Q2 2023.

The report said total exports stood at ₦19,418.93 billion accounting for 60.89 of total trade while total imports stood at ₦12,473.53 billion. The report said total exports increased by 1.31% compared to the amount recorded in the first quarter of 2024 at ₦19,167.36 billion.

“Also, total exports in Q2 2024 increased by 201.76% when compared to Q2 of 2023 which was recorded at ₦6,435.13 billion.”

The report, however, said total imports decreased by 10.71% compared to the value recorded in the first quarter of 2024 at ₦13.970.05 billion.

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“Total imports increased by 97.93% when compared to the value recorded in Q2 2023 at ₦6,301.95 billion.”

It said in Q2 2024, Nigeria’s export trade continued to be dominated by crude oil exports valued at ₦14,559.56 billion which represented 74.98% of total exports. The NBS said the value of non-crude oil exports stood at ₦4,859.37 billion which represented 25.02% of total exports in Q2 2024.

“Non-oil products contributed ₦1,944.25 billion or 10.01% of total exports.”

The report said the top trading export partners in Q2 2024 were Spain, the U.S., France, India, and The Netherlands. It, however, said on the import side, China remained Nigeria’s highest trading partner followed by Belgium, India, the United States of America, and The Netherlands.