Nigeria recorded a trade surplus of N3.43 trillion in the fourth quarter of (Q4) 2024, according to the latest foreign trade report from the National Bureau of Statistics (NBS). Total merchandise trade stood at N36.61 trillion, reflecting a 2.2% increase from Q3 2024. However, the figure showed trades spiked by 68.32% when compared to Q4 2023. Total exports settled at N20.01 trillion, accounting for 54.68% of total trade. This represents a 2.55% decline from the N20.54 trillion recorded in Q3 2024, but a 57.67% increase compared to N12.69 trillion in Q4 2023.
Imports totalled N16.59 trillion, making up 45.32% of total trade. This marks an 8.57% increase from N15.28 trillion in Q3 2024 and an 83.24% surge from N9.05 trillion in Q4 2023. Despite recording a trade surplus of N3.43 trillion, the figure represents a 34.9% decline from the previous quarter, driven primarily by increased imports and a slight drop in exports.
Of Nigeria’s total exports of N20.01 trillion in Q4 2024, crude oil accounted for 68.87% (N13.78 trillion), while non-crude oil exports made up 31.13% (N6.23 trillion). However, exports of nonoil products—including agricultural goods, solid minerals, manufactured goods, and raw materials—contributed only N2.84 trillion, representing just 14.2% of total exports. Nigeria’s top export destinations were the Netherlands, France, Spain, India, and Indonesia, collectively accounting for 43.67% of total exports. China remains Nigeria’s dominant trading partner since 2024, particularly on the import side, with a significant share of Nigeria’s total imports.
According to the Nigeria Bureau of Statistics (NBS), the trade volume between China and Nigeria exceeded $20 billion in 2024. Nigeria recorded a N3.4 trillion trade surplus against China in the fourth quarter of 2024 The most traded commodities during the first and second quarters of 2024 included motor spirit ordinary, gas oil, durum wheat, cane sugar, and other liquefied petroleum gases. Crude oil continued to dominate Nigeria’s exports, accounting for 68.87% of total exports with a value of N13.78 trillion. The percentage of oil export to China was 88.8% (₦643.455 billion) while non-oil export stood at 11.2% (₦81.162 billion).
Non-oil constitutes Nigeria’s total import from China valued at ₦602.906 billion in the fourth quarter of 2024.
On the import side, key trading partners included China, India, Belgium, the United States, and France, together contributed 57.56% of Nigeria’s total imports. The devaluation of the local currency in the official market has boosted export values, driving export activities while simultaneously making imports more expensive. Over the past five years, the contribution of crude oil to total exports has gradually declined from approximately 77% to 71.52% in 2024. However, the figures still underscore Nigeria’s heavy reliance on crude oil for export earnings. With increasing export activity from the Dangote refinery, non-crude oil exports are expected to rise. Additionally, agricultural products such as cocoa beans, cashew, and rubber are currently trading at higher prices, presenting an opportunity for Nigeria to leverage its vast and fertile arable land. Strategic investments in agriculture could significantly boost non-oil export contributions, enhancing economic resilience and reducing dependence on crude oil revenues.
