NIGERIA RECORDS N6.52 TRN TRADE SURPLUS IN Q1’24
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The first quarter of 2024 (Q1’24) saw a trade surplus of N6.52 trillion for Nigeria. This is a quarter-on-quarter (QoQ) rise of 79 percent over the N3.64 trillion reported in the Q4’23 (fourth quarter of 2023).
This was disclosed today by the National Bureau of Statistics, NBS, in its Foreign Trade in Goods Statistics report for Q1’24.
According to NBS,ctotal merchandise stood at N31.8 trillion, rising QoQ by 46.3 percent from N21.75 trillion in Q4’23.
The bureau noted that export stood at N19.2 trillion while import stood at N12.6 trillion in Q1’24.
NBS said: “Nigeria’s total merchandise trade stood at ₦31.8 trillion in Q1, 2024.
“This represents an increase of 46.3 percent over the value recorded in the preceding quarter and rose by 145.58 percent compared to the value recorded in the corresponding period of 2023.
“Data revealed that export accounted for 60.3 percent of total trade in the reviewed quarter with a value of ₦19.3 trillion, showing an increase of 51 percent compared to the
value recorded in Q4’23 (₦12.69 trillion) and by 195.5 percent over the value recorded in the first quarter of 2023 (₦6.5 trillion).
“Exports trade in Q1’24 was dominated by crude oil exports valued at ₦15.5 trillion representing 80.8 percen of total exports while the value of non-crudeoil exports stood at ₦3.7 trillion accounting for 19.2 percent of total exports; of which non-oil products contributed ₦1.8 trillion or 9.3 percent of total exports.
“On the other hand, the share of total imports accounted for 39.8 percent of total trade in the first quarter of 2024 with the value of imports amounting to ₦12.64 trillion in Q1’24.
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