A recent report released by the National Bureau of Statistics (NBS) has revealed that the country recorded a Trade surplus of ₦6.95 trillion during the second quarter (Q2) of 2024. This surplus in the second quarter represents a growth of 6.60% compared to the first quarter, when there was a surplus of ₦6.52 trillion. With a total merchandise trade of ₦31.89 trillion in Q2 2024, Nigeria saw a 3.76% decrease from Q1 2024, whereas it indicates a 150.39% increase from the same period in 2023.
The overall value of imports in the second quarter of 2024 was ₦12,473.53 billion, dropping by 10.71% from the value recorded in the first quarter of 2024 (₦13.970.05 billion) but an increase of 97.93% from the figure reported in the comparable quarter of 2023 (₦6,301.95 billion). China continues to be Nigeria’s top import trading partner as of the second quarter of 2024, with the United States of America, Belgium, India, and The Netherlands following behind. During the quarter, motor spirit ordinary, gas oil, durum wheat, butanes, and cane sugar intended for sugar refineries were the most traded commodities.
Imports of raw materials totaled ₦1,481.50 billion.
Manufactured goods imported in the quarter under review was ₦5,576.67 billion, which represents an increase of 84.67% from ₦3,019.78 billion in Q2 2023 and a decrease of 2.82% from ₦5,738.32 billion in Q1 2024. Imports of raw materials totaled ₦1,481.50 billion in Q2 of 2024. This is a noteworthy increase of 160.92% from ₦567.80 billion in Q2 2023 and a 0.96% increase from ₦1,467.41 billion in QI 2024. In Q2, 2024, the value of imports of other oil products was ₦4,425.31 billion, indicating a 23.34% decline from ₦5,772.35 billion in Q1 2024.
Agricultural commodities imported in In Q2 2024 was estimated at ₦893.25 billion, which represented a 2.96% down from ₦920.54 billion in Q1 2024 and a 96.38% increase from ₦454.85 billion in Q2 2023. Imports of solid minerals were valued at ₦96.80 billion in the second quarter of 2024. This is a growth of 206.08% from ₦31.63 billion in Q2 2023 and 35.61% from ₦71.38 billion in Q1 2024.
Exports made up 60.89% of all trade in the reviewed quarter.
With a total value of ₦19,418.93 billion in Q2 2024, exports increased by 1.31% from ₦19,167.36 billion in Q1 2024 and by 201.76% from ₦6,435.13 billion in Q2 2023. Exports made up 60.89% of all trade during the reviewed quarter. The most often exported goods were urea, superior-grade cocoa beans, liquefied natural gas, various Petroleum gasses in a gaseous condition, and crude oil. Crude oil shipments remained Nigeria’s main Export commodity; in the second quarter of 2024, they were worth ₦14,559.56 billion, or 74.98% of all exports.
Meanwhile, the value of non-crude oil exports was ₦4,859.37 billion, representing 25.02% of all exports. Of this figure, non-oil products made up ₦1,944.25 billion, or 10.01% of all exports. Total value of agricultural commodities exported in Q2 2024 was estimated at ₦973.69 billion. This represents a 5.93% decline from ₦1,035.02 billion in Q1 2024 and a 246.67% increase from ₦280.87 billion in Q2 2023. In the quarter under review, the value of exports of raw materials was ₦366.91 billion, up 4.01% from Q1 2024’s ₦352.75 billion and 151.96% from Q2 2023’s ₦145.62 billion.
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Solid Mineral exports value was ₦58.56 billion, a 7.65% down from A63.41 billion in QI 2024 and a 71.79% increase from ₦34.09 billion in Q2 2023. In Q2 2024, the value of exports of manufactured goods was ₦480.82 billion, which represents increases of 126.65% from ₦212.14 billion in Q2 2023 and 78.95% from ₦268.70 billion in Q1 2024. Crude oil exports were valued at ₦14,559.56 billion in Q2 2024, up 190.86% from ₦5,005.71 billion in Q2 2023 and down 5.99% from ₦15,486.63 billion in Q1 2024.