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.
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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.
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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.
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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.

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