Nigeria’s total merchandise trade saw significant growth in the fourth quarter of 2024, driven by a surge in imports and steady export performance.
According to the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics (NBS), total trade for the quarter stood at ₦36.6 trillion, representing a 68.3% increase from the corresponding quarter in 2023 and a 2.2% rise from the third quarter of 2024.
Despite maintaining a trade surplus, Nigeria’s trade balance saw a notable decline in Q4 2024.
The surplus for the quarter stood at ₦3.42 trillion, reflecting a 34.9% drop from the previous quarter.
The reduction in surplus was largely driven by the continued increase in imports and a slight decline in export performance.
The report read, “Nigeria’s total merchandise trade stood at N36,604.83 billion in Q4, 2024. This represents an increase of 68.32% compared to the value (N21,747.40) recorded in the corresponding period of 2023 and a rise of 2.20% over the value recorded in the preceding quarter (N35,818.35).”
Total exports in Q4 2024 were valued at ₦20.01 trillion, reflecting a 57.7% year-on-year increase but a slight 2.55% decline from ₦20.54 trillion recorded in Q3 2024. Crude oil continued to dominate Nigeria’s export market, accounting for 68.87% of total exports with a value of ₦13.78 trillion. This marked a 33.7% increase compared to Q4 2023 and a 2.8% increase from Q3 2024.
Other key export products during the quarter included liquefied natural gas, petroleum gases, superior quality cocoa beans, and urea. These commodities contributed significantly to the country’s non-oil export revenue.
The Netherlands emerged as Nigeria’s largest export destination, receiving ₦2.09 trillion worth of goods, representing 10.44% of total exports. France followed with ₦1.91 trillion, while Spain recorded ₦1.74 trillion in trade value. India and Indonesia are also featured among the top five export partners, with trade values of ₦1.60 trillion and ₦1.41 trillion, respectively. Collectively, these five countries accounted for 43.7% of Nigeria’s total exports during the period under review.
The agricultural sector posted strong export growth in Q4 2024, with total agricultural exports valued at ₦1.54 trillion. This represented a 232% increase compared to Q4 2023.
Superior quality cocoa beans contributed ₦836.2 billion to total agricultural exports, making it the most exported agricultural product. Standard quality cocoa beans followed at ₦269.3 billion, while sesame seeds accounted for ₦202.9 billion. Other notable agricultural exports included natural cocoa butter (₦104.6 billion) and shelled cashew nuts (₦30.8 billion).
Nigeria’s agricultural exports were largely directed to Europe, which accounted for ₦986.7 billion of total agricultural trade. Asia was the second-largest market, receiving ₦474.4 billion worth of agricultural products. The Netherlands and Malaysia were the top buyers of Nigerian cocoa beans, while China and Japan imported significant quantities of sesamum seeds.
Total exports in the solid minerals sector stood at ₦60.7 billion, reflecting a 69.2% increase year-on-year but a 21.9% decline from Q3 2024. Cement clinkers and tin ores were the dominant solid mineral exports, with major trading partners including Cameroon and China.
Solid mineral imports, primarily plasters from Egypt and Tunisia, were valued at ₦111.8 billion during the quarter.
Manufactured goods exports were valued at ₦494.2 billion in Q4 2024, increasing by 110.3% from Q4 2023 but declining by 52.5% from Q3 2024. Key manufactured goods exported during the period included unwrought aluminum alloys, dredgers, and cathodes.
Most of Nigeria’s manufactured goods exports were sent to Africa, followed by Asia and Europe. Meanwhile, imports in this category stood at ₦8.47 trillion, with aircraft parts from France and photovoltaic cells from China among the most imported items.
Imports surge by 83.2% to ₦16.59 trillion.
(Nairametrics)
