Nigeria’s Trade Surplus: Key Insights from Q2 2024

Nigeria's Trade Surplus Overview

Nigeria recorded a trade surplus of N6.95 trillion in Q2 2024, reflecting the country's strong export performance amidst a slight decline in overall merchandise trade.

This surplus marks a 6.60% increase from the previous quarter, which recorded a surplus of N6.52 trillion.

Total Merchandise Trade Analysis

Nigeria’s total merchandise trade in Q2 2024 stood at N31.89 trillion, representing a 3.76% decline compared to Q1 2024 but marking a 150.39% rise from the same period in 2023.

• Exports drive trade surplus: In Q2 2024, total exports stood at N19.42 trillion, accounting for 60.89% of the country's total trade.
• This represents a 1.31% increase from the first quarter and a 201.76% surge from N6.44 trillion recorded in Q2 2023.
• Key contributions came from crude oil exports, totaling N14.56 trillion, or 74.98% of total exports.

Import Dynamics

Exports soared while imports faced a decline, totaling N12.47 trillion, accounting for 39.11% of merchandise trade.

• This marked a 10.71% decrease from N13.97 trillion in Q1 2024 yet a 97.93% increase from N6.30 trillion in Q2 2023.
• China remained the largest supplier, with imported goods valued at N3.03 trillion.

Transportation Modes in Trade

In Q2 2024, maritime transport dominated Nigeria's trade.

• Exports transported via sea accounted for N19.25 trillion, or 99.14% of total exports.
• Air transport played a minimal role, with only N73.72 billion attributed to exports.