Nigeria exported 20.486 trillion naira (US$13.5 billion) in the third quarter of 2024—mainly oil, gas and premium cocoa beans.
Nigeria’s trade balance recorded a surplus of 3.423 trillion naira in the fourth quarter of 2024 (approximately USD 22.5 billion). This comes from a report by the National Bureau of Statistics (NBS) published on March 7th.
The value of exports during this period reached 20.014 trillion naira, a significant increase of 57.67% compared to 12.693 trillion naira in the same period in 2023. The most important exports include crude oil, liquid gas, high quality cocoa beans and urea.
The country’s best export partners were the Netherlands, France, Spain, India and Indonesia. In the fourth quarter of 2024, imports also rose significantly, up 83.24% from 9.053 trillion Naira to 16.590 trillion Naira. The most imported goods were gasoline, diesel and raw sugar. China led as its main import partner, followed by India, Belgium, the US and France.
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Nigeria’s exports to African countries were 2.042 trillion naira, while imports from the continent amounted to 51.4 billion naira. South Africa, Senegal, Senegal, Cameroon and Togo were the main targets of Nigeria’s exports. Nigeria’s main export partners were Senegal, Togo, Ghana and Benin. Trade within the community was 1.175 trillion naira for exports and 77.1 billion naira for imports.
This positive trading output as Nigeria’s reserves increased slightly by November 21, 2024, to US$40.88 billion, compared to US$406 billion at the end of October. These reserves are sufficient to cover imports for 17 months.
Nigeria’s overall trade in the fourth quarter of 2024 was 36.604 trillion naira, inconsistent with a 2.2% increase and a noticeable increase of 68.32% compared to the previous quarter.
