A combination of rising exports and exchange rate depreciation has pushed the country’s foreign trade surplus to N6.52 trillion for Q1 of 2024. According to the National Bureau of Statistics (NBS), the country’s foreign trade statistics made a significant recovery from the N1.41 trillion trade deficit recorded in Q4 2023 and N927.2 billion recorded in Q1 2023. The trade surplus recorded for Q1 2024 is a record high since 2009, according to the NBS, with the closest being N5.74 trillion recorded in Q4 2011.
The record data is also fuelled by naira depreciation, which means the trade surplus, when converted to naira, will be higher than in any other period in history.
According to the report, exports for Q1 2024 were valued at N19.17 trillion, representing a 51.0 per cent increase from the previous quarter’s N12.69 trillion and a 195.47 per cent rise from Q1 2023’s N6.49 trillion.
France emerged the leading destination for Nigerian exports, accounting for 11.09 per cent of the total value, followed by Spain (10.56 per cent), The Netherlands (8.85 per cent), India (8.41 per cent) and the United States of America (6.84 per cent).
Major export commodities included crude oil, Liquefied Natural Gas (LNG), sesame seeds, urea and superior-quality cocoa beans. Crude oil exports, which constituted 80.80 per cent of total exports, were valued at N15.49 trillion. This marks a 50.20 per cent increase from N10.31 trillion in Q4 2023 and a remarkable 200.79 per cent rise from N5.15 trillion in Q1 2023.
Agricultural exports also saw significant growth, amounting to N1.04 trillion, up by 123.08 per cent from N463.97 billion in Q4 2023 and by 270.13 per cent from N279.64 billion in Q1 2023.
On the other hand, total imports for Q1 2024 stood at N12.64 trillion, a 39.65 per cent increase from N9.05 trillion in Q4 2023 and 95.53 per cent rise from N6.47 trillion in Q1 2023.
China remains Nigeria’s top trading partner on the import side, contributing 23.18 per cent; India (8.46 per cent), U.S. (7.98 per cent), Belgium (7.56 per cent), and The Netherlands (4.68 per cent). Top imported commodities included motor spirit ordinary, gas oil, durum wheat, cane sugar meant for sugar refinery, and other liquefied petroleum gases. Agricultural goods imports were valued at N920.54 billion, a 29.45 per cent increase compared to N711.14 billion in Q4 2023 and a 95.28 per cent rise compared to N471.39 billion in Q1 2023. Raw material imports stood at N1.47 trillion, a 51.78 per cent increase from N966.80 billion in Q4 2023 and a 164.18 per cent rise from N555.47 billion in Q1 2023.
France was Nigeria’s largest export partner in Q1 2024, accounting for 11.09 per cent of total export, followed by Spain (10.56 per cent); The Netherlands (8.85 per cent); India (8.41 per cent) and the U.S. (6.84 per cent).
