In the fourth quarter of 2024, Nigeria’s foreign Trade landscape showcased remarkable growth and diversification, as highlighted in the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics (NBS). The report reveals that Nigeria’s total merchandise trade stood at a staggering ₦36.6 trillion, marking a 68.3% increase compared to the same period in 2023 and a 2.2% rise from the previous quarter (Q3 2024). This growth underscores Nigeria’s resilience and adaptability in the global trade arena, despite ongoing economic challenges.
Exports continued to dominate the trade balance, contributing 54.68% of the total trade value. Exports in Q4 2024 were valued at ₦20.01 trillion, reflecting a 57.67% increase from Q4 2023. However, there was a slight 2.55% decline compared to Q3 2024. Crude oil remained the cornerstone of Nigeria’s Export economy, accounting for 68.87% of total exports, with a value of ₦13.78 trillion. Non-crude oil exports, including agricultural goods and solid minerals, also saw significant growth, contributing 31.13% of total exports.
Surge in Nigeria’s imports and reliance on foreign goods.
During the quarter under review, the top export destinations for Nigerian goods in Q4 2024 were the Netherlands, France, Spain, India, and Indonesia. Key exported commodities included crude oil, liquefied natural gas, cocoa beans, and urea, highlighting Nigeria’s continued reliance on natural resources while also showcasing the growing potential of its agricultural sector. On the import side, Nigeria’s total imports in Q4 2024 were valued at ₦16.59 billion, representing an 83.24% increase from Q4 2023 and an 8.57% rise from Q3 2024.
Increase in imports was driven by increased demand for Mineral fuels, machinery, and transport equipment, which accounted for a significant portion of the import bill. China remained Nigeria’s largest import partner, contributing 27.80% of total imports, followed by India, Belgium, the United States, and France. Notably, the import of agricultural goods saw a 53.35% increase compared to Q4 2023, reflecting Nigeria’s reliance on foreign agricultural products to meet domestic demand. Key imported agricultural items included durum wheat, frozen fish, and cane sugar, sourced primarily from Latvia, Russia, and Brazil.
Performance of key sectors in Nigeria’s trade.
Also, the report highlighted the performance of various sectors in Nigeria’s trade landscape. The agricultural sector recorded a total trade value of ₦2.63 trillion, with exports growing by 232.02% compared to Q4 2023. Superior quality cocoa beans were the top agricultural export, with significant shipments to the Netherlands and Malaysia. The solid minerals sector saw a 69.22% increase in exports compared to Q4 2023, with cement clinkers and tin ores being the primary exported commodities. The majority of Nigeria’s trade in Q4 2024 was conducted via maritime transport, accounting for 98.79% of exports and 90.15% of imports.
Nigeria’s trade with other African countries also saw positive growth in Q4 2024. Exports to African nations were valued at ₦2.04 trillion, while imports from the continent stood at ₦514.96 billion. South Africa and Ivory Coast emerged as Nigeria’s top trading partners in Africa, with key exports including Petroleum oils, electrical energy, and dredgers. Within the ECOWAS region, Nigeria’s exports totaled ₦1.18 trillion, with Ivory Coast, Senegal, and Togo being the primary destinations. The region’s imports from Nigeria were dominated by petroleum oils and electrical energy, while Nigeria imported crude palm oil, petroleum bitumen, and cocoa powder from ECOWAS countries.
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The country’s foreign trade performance in Q4 2024 reflects a dynamic and evolving economy. While the country continues to rely heavily on crude oil exports, the growth in non-oil exports, particularly in the agricultural and solid minerals sectors, signals a positive shift towards diversification. However, the surge in imports, especially in the agricultural and manufactured goods sectors, underscores the need for increased domestic production and self-sufficiency. With the right policies and investments, Nigeria can build on this momentum to achieve sustainable Economic Growth and development in the years to come.