Nigeria earns N6.52 trillion trade surplus amid rising exports Q1,2024
By Patience Ikpeme
Nigeria recorded N6.52 trillion trade surplus in her foreign merchandise in the first quarter of 2024, National Bureau of Statistics (NBS) disclosed.
Total exports were valued at N19.17 trillion, a 51% increase from Q4 2023. Data revealed that exports accounted for 60.25% of total trade under review.
Total exports grossed N19.17 trillion, a 51% increase from Q4 2023. Countries like the United States, India, France, Spain, the Netherlands are Nigera’s top export destinations. Her imports stood at N12.64 trillion, with China being the largest import partner, followed by India, the United States, Belgium, and the Netherlands.
The report revealed the country’s recorded recovery from the N1.41 trillion trade deficit recorded in the previous quarter (Q4 2023) and the N927.2 billion in the same period (Q1) of 2023.
NBS revealed in the report: “The value of total imports stood at ₦12,643.23 billion in the first quarter of 2024, representing an increase of 39.65% compared with the value recorded in Q4, 2023 (₦9,053.78 billion) and a rise of 95.53% from the value recorded in the corresponding quarter of 2023 (₦6,466.10 billion)”
“In the first quarter of 2024, China ranked highest among the top trading partners on the import side, followed by India, United States of America, Belgium, and The Netherlands. The most traded commodities were Motor
spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons”
It puts the value of agricultural goods imported in Q1 2024 ₦920.54 billion, reflecting an increase of 29.45% when compared to ₦711.14 billion in Q4 2023, and a 95.28% rise compared to ₦471.39 billion in Q1 2023.
“In Q1 2024, raw material imports were valued at ₦1,467.41 billion. This represents a 51.78% increase from ₦966.80 billion in Q4 2023 and a significant rise of 164.18% from ₦555.47 billion in Q1 2023.
In the first quarter of 2024, solid mineral imports were valued at ₦71.38 billion. This represents a 21.15% increase from ₦58.92 billion in Q4 2023 and a 59.23% increase from ₦44.83 billion in Q1 2023. In the reviewed quarter, the value of imported manufactured goods was ₦5,738.32 billion, reflecting a 44.47% increase from ₦3,971.91 billion in Q4 2023 and a 139.47% rise from ₦2,396.23 billion in Q1 2023. The value of other oil products imports in Q1,2024 stood at ₦4,445.52 billion showing an increase of 32.90% from ₦3,344.93 billion in Q4 2023 and a 48.28% rise from ₦2,998.11 billion in Q1 2023”, NBS disclosed further.
For the export, total exports in Q1 2024 were valued at ₦19,167.40 billion, reflecting a 51.00% increase compared to ₦12,693.62 billion in Q4 2023 and a 195.47% rise compared to ₦6,487.04 billion in Q1 2023.
In quarter under review, top trading export partners were France, Spain, the Netherlands, India, and the United States of America. The most exported commodities included crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans. Exports of agricultural goods in Q1 2024 amounted to ₦1,035.02 billion, indicating 123.08% increase from ₦463.97 billion in Q4 2023 and a 270.13% rise from ₦279.64 billion in Q1 2023.
The value of raw material exports in Q1 2024 was ₦352.75 billion, a rise of 7.09% from ₦329.41 billion in Q4 2023 and by 76.48% from ₦199.89 billion in Q1 2023. Solid mineral exports in Q1 2024 were valued at ₦63.41 billion, marking a
76.77% increase from ₦35.87 billion in Q4 2023 and a 143.69% rise from ₦26.02 billion in Q1 2023.
The value of manufactured goods exports in Q1 2024 was ₦268.70
billion, reflecting a 14.36% increase from ₦234.96 billion in Q4 2023 and a 104.88% increase from ₦131.15 billion in Q1 2023. Crude oil exports in Q1 2024 were valued at ₦15,486.63 billion, a rise of 50.20% from ₦10,310.70 billion in Q4 2023 and by 200.79% from ₦5,148.58 billion in Q1 2023.
Other oil product exports in Q1 2024 stood at ₦1,901.88 billion, showing an increase of 47.70% from ₦1,287.65 billion in Q4 2023 and a 177.17% rise from ₦686.17 billion in Q1 2023.
In terms of the country trade with
ECOWAS countries, NBS put the total at N1,250.71 trillion while imports amounted to N113.04 billion.
Nigeria’s main trading export partners within the ECOWAS region in Q1,2024 were Ivory Coast (N744.59 billion), Senegal (N361.29 billion), Benin (N55.67 billion), Togo (N38.01 billion) and Ghana (N33.75 billion) representing (98.61%) of total export to ECOWAS countries.
Nigeria’s major trading import partner within ECOWAS in the period under review was the Ivory Coast (N51.41 billion) followed by Togo (N40.86 billion), Ghana (N13.61 billion), Liberia (N3.96 billion) and Benin Republic (N1.04 billion) representing (98.10%) of total imports from the ECOWAS region.
The main commodities exported to ECOWAS countries in the first quarter of 2024 were Petroleum oils and oils obtained from bituminous minerals worth
N1,074.70 billion (85.93% of total exports to ECOWAS), Electrical energy (optional heading) (N58.65 billion or 4.69%), Urea, whether or not in aqueous solution (N29.45 billion or 2.35%), Flours and meals of soya beans (N9.20 billion or 0.74%)) and Other excluding White cement (N6.66 billion or 0.53%). The top five exported products represent 94.24% of the total exports to the ECOWAS region.
On the other hand, Nigeria’s imports from ECOWAS countries in the first quarter of 2024 consisted mainly of Kerosine type jet fuel (N31.00 billion or 27.43% of total imports from ECOWAS countries), Petroleum bitumen (N30.45 billion or 26.94%), Other Liquefied petroleum gases and other gaseous hydrocarbons (N8.29 billion or 7.33%), Crude palm oil (N7.42 billion or 6.56%), and fractions of Palm oil and its fractions, not fit for human consumption(N5.15 billion or 4.56%).
