Nigeria ended Q4 2024 with a trade surplus of N3.43 trillion, as reported by the National Bureau of Statistics (NBS).
With N36.61 trillion in total commerce transactions, the quarter saw a 2.2% growth over Q3 2024. Compared to Q4 2023, trade activity increased by 68.32% year over year.
Exports totaled N20.01 trillion, representing 54.68% of total trade. This was a slight 2.55% decline from N20.54 trillion in Q3 but a significant 57.67% increase from N12.69 trillion recorded in Q4 2023.
Imports rose to N16.59 trillion, accounting for 45.32% of total trade. This represented an 8.57% increase from N15.28 trillion in Q3 and a sharp 83.24% jump from N9.05 trillion in Q4 2023.
Although Nigeria recorded a trade surplus, the figure dropped by 34.9% compared to the previous quarter. This decline was driven by higher import costs and a slight dip in exports.
Crude oil remained the backbone of Nigeria’s exports, contributing N13.78 trillion (68.87%) of total exports, while non-crude oil exports accounted for N6.23 trillion (31.13%). However, non-oil products—including agricultural goods, solid minerals, and manufactured items—only contributed N2.84 trillion (14.2%) of total exports.
Nigeria’s major export destinations included the Netherlands, France, Spain, India, and Indonesia, which collectively accounted for 43.67% of total exports. On the import side, China, India, Belgium, the United States, and France supplied 57.56% of Nigeria’s total imports.
The devaluation of the naira in the official market has increased the value of exports while making imports more expensive. Over the past five years, the contribution of crude oil to Nigeria’s total exports has gradually declined from 77% to 71.52% in 2024.
However, the country remains heavily dependent on crude oil revenue. With the Dangote refinery ramping up production, non-crude oil exports are expected to increase. Additionally, rising prices for agricultural commodities such as cocoa beans, cashew, and rubber present an opportunity for Nigeria to strengthen its agricultural exports.
By diversifying its exports and investing in agriculture, Nigeria can increase its economic resilience and lessen its dependency on crude oil profits, according to experts. This change could reduce the dangers brought on by volatile international oil prices and enhance the nation’s economic stability.
