National Bureau of Statistics has said that Nigeria’s total merchandise trade stood at N31,892.46 billion in second quarter of 2024 representing a decrease of 3.76 per cent over the value recorded in the preceding quarter and a rise of 150.39 per cent compared to the value recorded in the corresponding period of 2023. In the quarter under review, exports accounted for 60.89 per cent of total trade with a value of N19,418.93 billion, showing a marginal increase of 1.31 per cent compared to the value recorded in Q1 2024 (N19,167.36) and a 201.76 per cent rise over the value recorded in the second quarter of 2023 (N6,435.13). According to the Foreign Trade Report published by the National Bureau of Statistics (NBS) on its website, the value of petrol import in the second quarter of 2024 rose to the highest on record in the nation’s history – N3.22 trillion. NBS published report puts imports of petrol in Q2 quarter of 2024 at 25% of total imports in the period.
NBS said “Nigeria’s exports trade continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at N14,559.56 billion representing 74.98% of total exports while the value of non crude oil exports stood at N4,859.37 billion accounting for 25.02% of total exports; of which non-oil products contributed N1,944.25 billion or 10.01% of total exports. The value of total imports stood at ₦12,473.53 billion in the second quarter of 2024, representing a decrease of 10.71% compared with the value recorded in Q1, 2024 (₦13.970.05 billion) and a rise of 97.93% from the value recorded in the corresponding quarter of 2023 (₦6,301.95 billion). In the second quarter of 2024, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands. The most traded commodities during the quarter were motor spirit ordinary, gas oil, durum wheat, butanes and cane sugar meant for sugar refinery. The value of agricultural goods imported in Q2 2024 was ₦893.25 billion, reflecting a decrease of 2.96% when compared to ₦920.54 billion in Q1 2024, and an increase of 96.38% compared to ₦ 454.85 billion in Q2 2023. In Q2 2024, raw material imports were valued at ₦1,481.50 billion.
“This represents a 0.96% increase from ₦1,467.41 billion in Q1 2024 and a significant rise of 160.92% from ₦567.80 billion in Q2 2023. In the second quarter of 2024, solid mineral imports were valued at ₦96.80 billion. This represents a 35.61% increase from ₦71.38 billion in Q1 2024 and a 206.08% increase from ₦31.63 billion in Q2 2023. In the reviewed quarter, the value of imported manufactured goods was ₦5,576.67 billion, reflecting a 2.82% decline from ₦5,738.32 billion in Q1 2024 and an 84.67% rise from ₦3,019.78 billion in Q2 2023. The value of other oil products imports in Q2, 2024 stood at ₦4,425.31 billion showing a decrease of 23.34% from ₦5,772.35 billion in Q1 2024 and a 98.64% rise from ₦2,227.84 billion in Q2 2023. Total exports in Q2 2024 were valued at ₦19,418.93 billion, reflecting a 1.31% increase compared to ₦19,167.36 billion in Q1 2024 and a 201.76% rise compared to ₦6,435.13 billion in Q2 2023. In Q2 2024, the top trading export partners were Spain, the United States of America, France, India, and The Netherlands. The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.
“Exports of agricultural goods in Q2 2024 amounted to ₦973.69 billion, a
5.93% decrease from ₦1,035.02 billion in Q1 2024 and a 246.67% rise from ₦280.87 billion in Q2 2023. The value of raw material exports in Q2 2024 was ₦366.91 billion, a rise of 4.01% from ₦352.75 billion in Q1 2024 and by 151.96% from ₦145.62 billion in Q2 2023. Solid mineral exports in Q2 2024 were valued at ₦58.56 billion, marking a 7.65% decrease from ₦63.41 billion in Q1 2024 and a 71.79% rise from ₦34.09 billion in Q2 2023. The value of manufactured goods exports in Q2 2024 was ₦480.82 billion, reflecting a 78.95 % increase from ₦268.70 billion in Q1 2024 and a 126.65% increase from ₦212.14 billion in Q2 2023. Crude oil exports in Q2 2024 were valued at ₦14,559.56 billion, a decrease of 5.99% from ₦15,486.63 billion in Q1 2024 and increased by 190.86% from ₦5,005.71 billion in Q2 2023. Other oil product exports in Q2 2024 stood at ₦2,915.12 billion, showing an increase of 53.28% from ₦1,901.88 billion in Q1 2024 and a 293.54 % rise from ₦740.74 billion in Q2 2023”.
