According to Nigeria’s foreign trade statistics report for Q1 2024, the country had a noteworthy N6.52 trillion trade surplus. Compared to the N1.41 trillion trade deficit in the preceding quarter (Q4 2023) and the N927.2 billion in the same period (Q1) of 2023, this represents a remarkable recovery.
For the first quarter of 2024, the trade surplus is at an all-time high, based on statistics going back to 2009. Based on available statistics, the closest was N5.74 trillion recorded in Q4 2011.
The National Bureau of Statistics (NBS) report showcases a noteworthy economic performance, propelled by a significant surge in exports.
The record data is also fueled by exchange rate depreciation which means the trade surplus when converted to Naira will be higher than in any other period in history.
Export performance
The NBS data states that overall exports for Q1 2024 were valued at N19.17 trillion, up 51.00% from N12.69 trillion in the previous quarter and 195.47% from N6.49 trillion in Q1 2023.
With 11.09% of the overall export value, France emerged as the top destination for Nigerian exports. Spain (10.56%), the Netherlands (8.85%), India (8.41%), and the United States (6.84%) were the next most popular destinations.
Crude oil, liquefied natural gas, urea, sesame seeds, and premium cocoa beans were among the main export goods.
The value of crude oil exports, which made up 80.80% of all exports, was N15.49 trillion. This is a notable 200.79% growth from N5.15 trillion in Q1 2023 and a 50.20% increase from N10.31 trillion in Q4 2023.
Agricultural exports also saw significant growth, amounting to N1.04 trillion, up by 123.08% from N463.97 billion in Q4 2023 and by 270.13% from N279.64 billion in Q1 2023.
Import Performance
The NBS report indicates that total imports for Q1 2024 stood at N12.64 trillion. This reflects a 39.65% increase from N9.05 trillion in Q4 2023 and a 95.53% rise from N6.47 trillion in Q1 2023.
China was Nigeria’s top trading partner on the import side, contributing 23.18% to the total imports. Other significant import partners included India (8.46%), the United States (7.98%), Belgium (7.56%), and the Netherlands (4.68%).
Key imported commodities included motor spirit ordinary, gas oil, durum wheat, cane sugar meant for sugar refinery, and other liquefied petroleum gases.
Agricultural goods imports were valued at N920.54 billion, reflecting a 29.45% increase compared to N711.14 billion in Q4 2023 and a 95.28% rise compared to N471.39 billion in Q1 2023.
Raw material imports stood at N1.47 trillion, a 51.78% increase from N966.80 billion in Q4 2023 and a 164.18% rise from N555.47 billion in Q1 2023.
