- New data from the NBS has revealed that Nigeria recorded its highest trade in the last four years
- The bureau in its new report revealed that Nigeria’s total exports was higher than the amount of goods imported
- The export data showed that once again the main goods that left the country for other parts of the world were crude oil
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics (NBS) has announced that Nigeria recorded a total of N138.03 trillion worth of trade in 2024.
This represents a 106.55% increase compared to the N66.82 trillion reported in the same period of 2023.
Photo credit: ncs
Source: Getty Images
The bureau stated this in its latest foreign trade statistics report released on its website.
An analysis of the trade data shows that the total value of goods exported from Nigeria between January and December 2024 stood at N77.44 trillion, accounting for 56.10% of the total trade recorded in the year.
On the other hand, Nigerians imported goods worth N60.59 trillion from various countries around the world.
The figures indicate that Nigeria recorded a trade surplus of N16.85 trillion in 2024.
A trade surplus, an economic measure of a positive trade balance, occurs when a country’s exports exceed its imports.
How did Nigeria trade with the world in 2024?
A further breakdown of the figures for exported goods shows that crude oil remains Nigeria’s major export.
According to the NBS, Nigeria earned N55.28 trillion from crude oil sales in 2024, accounting for 71.39% of total exports.
While, non-crude oil exports in 2024 stood at N22.15 trillion, representing 11.74% of total exports, BusinessDay.
Here is a snapshot of how Nigeria traded all through the year(2024)
From January to December Nigeria recorded different milestones, here is a snapshot of 2024 trading activities.
Q1 2024 (January – March)
- Imports: N14.7 trillion
- Exports: N19.17 trillion
- Crude oil exports: N15.4 trillion
- Non-crude oil exports: N3.68 trillion
Q2 2024 (April – June)
- Imports: N13.96 trillion
- Exports: N17.55 trillion
- Crude oil exports: N12.61 trillion
- Non-crude oil exports: N4.94 trillion
Q3 2024 (July – September)
- Imports: N15.28 trillion
- exports: N20.49 trillion
- Crude oil exports: N13.41 trillion
- Non-crude oil exports: N7.08 trillion
Q4 2024 (October – December)
- Imports: N16.59 trillion
- exports: N20.20 trillion
- Crude oil exports: N13.78 trillion
- Non-crude oil exports: N6.23 trillion
Imports to be disrupted as NPA new tariffs take effect
Legit.ng previously reported that Nigeria’s import sector is set to witness major crises due to growing tensions over the 15% hike in port tariffs.
The Nigerian Ports Authority (NPA) recently hiked the port tariffs by 15%, the first in over three decades.
This move triggered a lot of reactions nationwide, with several warnings that it was counterproductive to the government’s plans to drive down inflation.
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Source: Legit.ng
