Nigeria’s foreign trade statistics for the first quarter of 2024 have been released.
Gatekeepers News reports that the country’s trade surplus soared to a record high of N6.52 trillion, a significant improvement from the N1.41 trillion trade deficit recorded in the previous quarter and the N927.2 billion surplus in the same period last year.
According to the National Bureau of Statistics (NBS), total exports for the quarter were valued at N19.17 trillion, a 51% increase from the previous quarter and a 195.47% rise from the same period last year.
Crude oil exports led the charge, accounting for 80.8% of total exports, followed by liquefied natural gas, sesamum seeds, urea, and superior-quality cocoa beans.
France, Spain, the Netherlands, India, and the United States were Nigeria’s top export destinations, while China, India, the United States, Belgium, and the Netherlands were the top import partners.
The report also showed a significant increase in agricultural exports, which rose by 123.08% from the previous quarter and 270.13% from the same period last year. Raw material imports also increased by 51.78% from the previous quarter and 164.18% from the same period last year.
Maritime transport was the primary mode of transport for Nigeria’s trade activities, accounting for 99.25% of total exports and 94.17% of total imports.
