Saturday, 08 March 2025 04:55

Crude oil remained dominant export commodity as Nigeria posts N3.4trn trade surplus for Q4 2024

Rate this item
(0 votes)

Nigeria achieved a trade surplus of N3.42 trillion in the fourth quarter of 2024, according to data released by the National Bureau of Statistics (NBS). The country's exports totaled N20.01 trillion while imports stood at N16.59 trillion during this period.

Total trade for Q4 2024 reached N36.6 trillion, representing a 2.20 percent increase compared to the N35.8 trillion recorded in the third quarter. More significantly, this figure marks a substantial 68.32 percent increase compared to the N21.75 trillion recorded in the corresponding period of 2023.

Exports accounted for 54.68 percent of total trade value in Q4 2024. While this represents a significant 57.67 percent increase over the value recorded in Q4 2023, exports decreased slightly by 2.55 percent compared to Q3 2024.

Crude oil remained the dominant export commodity, valued at N13.78 trillion and representing 68.87 percent of total exports. Non-crude oil exports were valued at N6.23 trillion, accounting for 31.13 percent of total exports, while non-oil products contributed N2.84 trillion or 4.20 percent of total exports.

The Netherlands emerged as Nigeria's top export destination in Q4 2024, receiving goods valued at N2.09 trillion (10.44 percent of total exports). Other major export destinations included France (N1.91 trillion or 9.54 percent), Spain (N1.74 trillion or 8.68 percent), India (N1.60 trillion or 7.98 percent), and Indonesia (N1.41 trillion or 7.03 percent). These five countries collectively accounted for 43.67 percent of Nigeria's total export value during the quarter.

On the import side, China maintained its position as Nigeria's leading trading partner, supplying goods worth N4.61 trillion (27.80 percent of total imports). Other significant import sources included India (N1.89 trillion or 11.43 percent), Belgium (N1.38 trillion or 8.35 percent), the United States (N1.05 billion or 6.33 percent), and France (N501 billion or 3.62 percent).​​​​​​​​​​​​​​​​

April 09, 2025

5 big distractions that sabotage your entrepreneurial success

Neil Patel Seldom does success come easily in business. Not to be pessimistic, but most…
April 09, 2025

PDP governors challenge Tinubu's Emergency Rule in Rivers at Supreme Court

Eleven Peoples Democratic Party (PDP) governors have filed a lawsuit at the Supreme Court challenging…
April 10, 2025

Here’s why you keep waking up to urinate in the middle of the night

Jamin Brahmbhatt I’m writing this article at 2 a.m. Not because I suffer from insomnia,…
April 06, 2025

Excavation near site where Jesus was crucified and buried results in ancient discovery

Proof of an ancient garden, consistent with biblical scripture, has emerged at the holiest site…
April 09, 2025

Northwest Nigeria reels under wave of killings and abductions as insecurity worsens

A fresh wave of violence has swept through Nigeria’s Northwest region, with bandits and armed…
April 10, 2025

Here’s the latest as Israel-Hamas war enters Day 552

Hamas quietly cuts Gaza death count, reveals most killed were combat-age men Hamas has revised…
April 10, 2025

FAAN introduces advanced luggage screening at Lagos airport, phases out physical checks

The Federal Airports Authority of Nigeria (FAAN) has discontinued manual luggage screening at Murtala Muhammed…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.