Nigeria recorded N3.42 trillion trade surplus in the fourth quarter (Q4) of 2024 according to the Q4 2024 foreign trade report released by the National Bureau of Statistics (NBS).

The report said Nigeria’s exports totaled N20.01 trillion while imports stood at N16.59 trillion.

The bureau said total trade was N36.6 trillion in Q4, representing an increase of 2.20 percent compared to the N35.8 trillion recorded in the third quarter (Q3) of the year.

According to the NBS, “Nigeria’s total merchandise trade stood at N36,604.83 trillion in Q4, 2024. This represents an increase of 68.32 per cent compared to the N21,747.40 trillion recorded in the corresponding period of 2023 and a rise of 2.20 per cent over the value recorded in the preceding quarter which was N35,818.35 trillion.

“In the quarter under review, exports accounted for 54.68 per cent of total trade with a value of N20,014.33 trillion, showing an increase of 57.67 per cent over the value recorded in the fourth quarter of 2023, N12,693.62 trillion and a decrease of 2.55 per cent compared to the value recorded in Q3 2024, N20,537.17 trillion.”

NBS said crude oil continued to dominate export trade in the quarter reviewed. The statistics firm said crude oil exports stood at N13.78 trillion, representing 68.87 per cent of total exports, while the value of non-crude oil exports stood at N6.23 trillion, accounting for 31.13 percent of total exports.

NBS added that non-oil products contributed N2.84 trillion or 4.20 percent of total exports.

Of the major export destinations for the country, the NBS said the Netherlands was Nigeria’s top export destination in Q4, followed by Spain, France, India, and Indonesia.

The main export destination was The Netherlands with a value of N 2,089.96 billion or 10.44 per cent of total exports, followed by exports to France with N1,909.76 billion or 9.54 per cent of total exports, Spain with N1,737.68 billion or 8.68 per cent of total export,” NBS said.

“India with N1,596.66 billion or 7.98 per cent of total exports, and exports to Indonesia with goods valued at N1,406.77 billion representing 7.03 per cent of total exports.

“These five countries collectively accounted for 43.67 per cent of the value of total exports in Q4, 2024.”

For imports, the bureau said China remained Nigeria’s major trading partner, with 27.80 per cent (N4.61 trillion) worth of imported goods.

Others on the top five import routes were India (N1.89 trillion or 11.43 per cent), Belgium (N1.38 trillion or 8.35 per cent), the United States (N1.05 billion or 6.33 per cent), and France ( N501 billion or 3.62 per cent).