The National Bureau of Statistics (NBS) has announced that Nigeria achieved a trade surplus of N6.94 trillion for the second quarter of 2024. According to the NBS’s foreign trade report, Nigeria’s exports totalled N19.41 trillion, while imports were N12.47 trillion.

The trade surplus, an indicator of a positive trade balance, reflects that Nigeria’s exports exceeded its imports during this period.

The total trade value for Q2 2024 was N31.8 trillion, marking a 3.76% decrease from the N33.1 trillion recorded in the first quarter of the year. However, this figure represents a 150.39% increase compared to the same period in 2023.

In detail, exports made up 60.89% of the total trade, amounting to N19,418.93 billion. This shows a slight increase of 1.31% from the Q1 2024 value of N19,167.36 billion and a 201.76% rise from the N6,435.13 billion recorded in Q2 2023.

Crude oil exports were the major contributors, valued at N14,559.56 billion, or 74.98% of total exports. Non-oil products contributed N1,944.25 billion, or 10.01% of total exports.

Imports totalled N12,473.53 billion, representing 39.11% of total trade. The largest import category was ‘mineral fuels,’ with N4,415.19 billion, or 35.40% of total imports, followed by ‘machinery and transport equipment’ at N2,878.69 billion (23.08%), and ‘chemicals and related products’ at N1,886.50 billion (15.12%).

Spain emerged as Nigeria’s top export destination in Q2, followed by the United States, France, India, and the Netherlands. Spain received N2,007.00 billion, accounting for 10.34% of total exports. The United States, France, India, and the Netherlands collectively accounted for 44.87% of the total export value.

China remained Nigeria’s primary trading partner for imports, with goods worth N3.03 trillion, or 24.29% of total imports. Belgium, India, the United States, and the Netherlands were also significant import partners, accounting for substantial shares of the import value.