Nigeria’s foreign trade statistics report for Q1 2024 reveals a substantial trade surplus of N6.52 trillion, primarily driven by significant export growth.
Total exports reached N19.17 trillion, a 51 per cent increase from Q4 2023, with France, Spain, the Netherlands, India, and the United States being the top export destinations.
Imports amounted to N12.64 trillion, with China as the largest import partner, followed by India, the United States, Belgium, and the Netherlands.
This marks a dramatic recovery from the N1.41 trillion trade deficit in Q4 2023 and the N927.2 billion deficit in Q1 2023.
The trade surplus for Q1 2024 is the highest on record, surpassing the previous high of N5.74 trillion in Q4 2011.
The report from the National Bureau of Statistics (NBS) attributes this to a robust increase in exports and the impact of exchange rate depreciation. According to the NBS, total exports for Q1 2024 were valued at N19.17 trillion, a 51.00 per cent increase from the previous quarter’s N12.69 trillion and a 195.47 per cent rise from N6.49 trillion in Q1 2023.
