Nigeria records trade surplus as export surges in Q1 2024

Nigeria recorded a trade surplus in the first quarter of 2024 as exports rose to N19,167.40 billion while imports stood at N12,643.23 in the first Quarter of 2024.

This is according to the National Bureau of Statistics’ latest foreign trade in goods report.

The figure showed that Nigeria’s exports grew by 195.47 percent when compared to the N6,487.04 billion in Q1 2023.

The export data reflect a 51.00 percent increase compared to N12,693. 62 billion in Q4 2023.

The top trading export partners were France, Spain, the Netherlands, India, and the United States of America.

Further detail showed that the most exported commodities included crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans.

Similarly, the country’s imports grew by 95.53 percent from the value of N6,466.10 billion recorded in the corresponding quarter of 2023.

In the first quarter of 2024, China ranked highest among the top trading partners on the import side, followed by India, the United States of America, Belgium, and The Netherlands.

The data showed that the most imported commodities were Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, other liquefied petroleum gases and other gaseous hydrocarbons.

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