See more as Nigeria records another trade surplus as export rises

• The NBS has provided a detailed breakdown of Nigeria's trading numbers for the second quarter of 2024
• The bureau stated in a new report that Nigeria's total exports rose by 201.75% year-on-year to N19.4 trillion
• The increase was driven mainly by crude oil, with Spain, the United States, France, and India leading as top export destinations.

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 has revealed that Nigeria recorded a total merchandise trade of N31.89 trillion in Q2, 2024, which is between April and June 2024.

The figure represents a decrease of 3.76% over the value recorded in the preceding quarter and a rise of 150.39% compared to the value recorded in the corresponding period of 2023.

More countries buying from Nigeria Photo credit: Pius Utomi Ekpei
Source: Getty Images

The bureau disclosed this in its “Foreign Trade in Goods Statistics" report on its website on Wednesday, September 11, 2024.

A breakdown from the report showed that exports within the period under review stood at N19.4 trillion in Q2, 2024 reflecting a 1.31% increase compared to N19,167.36 billion in Q1 2024

While Import N12.47 trillion in the second quarter of 2024 a decrease of 10.71% compared with the N13.97 trillion value recorded in Q1, 2024.

Breakdown of export numbers

According to NBS, Nigeria’s export trade continues to be dominated by crude oil, which accounted for N14.5 trillion or 74.98% of total exports in Q2, 2024.

However, crude oil exports saw a decline of 5.99% compared to the previous quarter’s value of N15.4 trillion.

Non-crude oil exports stood at N4.8 trillion, contributing 25.02% of the total export value.

Within this category, non-oil products, including agricultural produce and manufactured goods, amounted to N1.9 trillion or 10.01% of total exports.

While crude oil dominated the list of exported commodities, significant volumes of agricultural products, such as cocoa beans and urea, were also shipped to international markets.

Top trading partners

The NBS report also highlighted that Nigeria’s top trading partners for exports were Spain, the United States, France, India, and the Netherlands.

China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, the United States of America, and the Netherlands.

199 export firms to get promissory notes from FG

Ealier, Legit.ng reported that the Nigerian government authorised N308.4 billion in promissory notes to about 199 exporting companies under the Export Expansion Grant (EEG) Scheme.

The executive director and chief executive officer of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, disclosed this as he recently issued letters to scheme beneficiaries.

According to him, N193.4 billion was approved for 133 beneficiaries of the scheme regarding the EEG's outstanding claims from 2017 to 2020. About N108.317 was authorised for 35 beneficiaries regarding the EEG backlogs of claims from 2007 to 2016.

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Source: Legit.ng