Exploring Nigeria’s N5.8 Trillion Trade Surplus in Q3 2024: Key Drivers and Impacts
Nigeria recorded a trade surplus of N5.8 trillion in the third quarter of 2024, according to the National Bureau of Statistics (NBS).
The total value of Nigeria’s merchandise trade for this period reached N35.16 trillion, showing an 81.35% increase compared to Q3 2023.
Exports, which accounted for 58.27% of this trade, totaled N20.5 trillion, driven largely by a 98% increase in exports compared to the same quarter in 2023.
Crude oil exports remained the dominant contributor, representing 65.44% of total exports, while non-crude oil exports, including agricultural and manufactured goods, also saw substantial growth.