NewStats: 3,264,061 , 8,182,468 topics. Date: Monday, 09 June 2025 at 01:42 PM 6i423n

Nigeria posted a trade surplus of N5.81 trillion the third quarter of 2024, driven by a significant increase in export earnings.

This is according to the latest report from the National Bureau of Statistics (NBS).

This marked a notable rise in trade performance compared to the previous year. However, the surplus was lower than the N6.95 trillion recorded in the second quarter of 2024.

The NBS Foreign Trade Statistics report, released on Friday, revealed that the country’s total merchandise trade for Q3 2024 stood at N35.16 trillion, reflecting an 81.35% increase compared to Q3 2023 and a 13.26% rise from the previous quarter.

The report read, “Nigeria’s total merchandise trade stood at N35,160.44 billion in Q3, 2024. This represents an increase of 81.35% compared to the value recorded in the corresponding period of 2023 and a rise of 13.26% over the value recorded in the preceding quarter.

“In the quarter under review, exports ed for 58.27% of total trade with a value of N20,486.39 billion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (N10,346.60) and 16.76% compared to the value recorded in Q2 2024 (N17,545.62).”

Surge in exports
Total exports for Q3 2024 reached N20.49 trillion, representing a 98% increase from N10.35 trillion in the same period last year. This also marks a 16.76% rise from N17.55 trillion in the second quarter of 2024.

The report read: “Total exports in Q3 2024 were valued at N20,486.39 billion, reflecting a 98.00% rise compared to N10,346.60 billion in the corresponding quarter of 2023 and a 16.76% increase compared to N17,545.62 billion in Q2 2024.”

The significant growth in exports was primarily driven by Nigeria’s oil and gas sector, with crude oil exports alone ing for N13.41 trillion, a 57.06% increase from N8.54 trillion in Q3 2023. Exports of other oil products, including liquefied natural gas (LNG) and petroleum gases, surged by 303.93% to N4.58 trillion.

Agricultural exports also saw a remarkable increase of 301.87%, reaching N884.07 billion compared to N219.99 billion in Q3 2023, although this represented a slight decline of 9.20% from Q2 2024. Additionally, exports of solid minerals and manufactured goods showed strong performance, rising by 86.58% and 419.93%, respectively.

Spain emerged as Nigeria’s largest export partner in Q3 2024, followed by the United States, , the Netherlands, and Italy. These countries benefitted mainly from Nigeria’s crude oil, LNG, and other petroleum exports

Increased imports
On the import side, Nigeria’s total import bill for Q3 2024 amounted to N14.67 trillion, a 62.30% rise from N9.04 trillion in Q3 2023. This also marked an 8.71% increase compared to the previous quarter.

The report read: “The value of total imports stood at N14,674.05 billion in the third quarter of 2024, representing a rise of 62.30% from the value recorded in the corresponding quarter of 2023 (N9,041.24 billion) and increased by 8.71% compared with the value recorded in Q2, 2024 (N13,497.90 billion).”

Manufactured goods led the surge in imports, rising by 76.44% to N6.98 trillion, while raw materials increased by 66.11% to N1.58 trillion. Imports of agricultural products stood at N882.24 billion, reflecting a 37.06% increase from Q3 2023.
China remained Nigeria’s largest import partner, followed by India, Belgium, the United States, and Malta. Key imports included motor spirit, gas oil, durum wheat, and used vehicles.

Lol

Una no dey tire?. Fake figures up and down.

Put link
https://thenationonlineng.net/nigeria-records-n5-81tr-trade-surplus-in-q3-2024/

What is their plan for increased revenue?

Tinubu Statistics

All na scam.

LAMBA

These are statistics that Tinubu asked us if this was what we wanted to eat ......


Why are they bringing this lies to us and not food?

Tinibu is a freaking idiot who thinks lying is smartness....

Even the daura kunu guzzling riff raff is way better than him.

Now he constantly keeps lying that he is building Nigeria, ask the rascal what are those policies that he has in place? None, just borrowing and sharing rice
The worst president in the history of Nigeria

[quote author=seunowa post=133191833][/quote]

See dude propaganda no dey sell. The reason for the so called surplus is that imports have reduced due to the high exchange rate and the high duties at the port.
For a 20ft container it cost about 22 million to pay duty and clear, coupled with the cost of freight and the goods.
If the cost is transfered to the customer how can they afford it, knowing fully well that purchase power has been eroded.

Smithkafors:
Una no dey tire?. Fake figures up and down.

But if it's negative news, you will believe or say it's true.

Since it's positive news, it's fake 🤥

Who do us in this country??

PressMyButton:
Put link
https://thenationonlineng.net/nigeria-records-n5-81tr-trade-surplus-in-q3-2024/

See dude propaganda no dey sell. The reason for the so called surplus is that imports have reduced due to the high exchange rate and the high duties at the port.
For a 20ft container it cost about 22 million to pay duty and clear, coupled with the cost of freight and the goods.
If the cost is transfered to the customer how can they afford it, knowing fully well that purchase power has been eroded.

Welcome to Nigeria....

The news should be negative, otherwise na fake

jamafa:


But if it's negative news, you will believe or say it's true.

Since it's positive news, it's fake 🤥

Who do us in this country??

See dude propaganda no dey sell. The reason for the so called surplus is that imports have reduced due to the high exchange rate and the high duties at the port.
For a 20ft container it cost about 22 million to pay duty and clear, coupled with the cost of freight and the goods.
If the cost is transfered to the customer how can they afford it, knowing fully well that purchase power has been eroded.

TribalChair:
Welcome to Nigeria....

The news should be negative, otherwise na fake

See dude propaganda no dey sell. The reason for the so called surplus is that imports have reduced due to the high exchange rate and the high duties at the port.
For a 20ft container it cost about 22 million to pay duty and clear, coupled with the cost of freight and the goods.
If the cost is transfered to the customer how can they afford it, knowing fully well that purchase power has been eroded.

The fiscal policy seems to be working now but there is need to see to increment of importation of industrial machines, with that we can be sure that the balance of trade will even be higher for Nigeria when we started production with those machines, then our importations (especially of the finished goods) will reduced.

Only 5.8 trillion surplus? I thought It was 200 trillion surplus. Well this is news for the ronus to chew on and not me and reasonable Nigerians. crafty and dishonest government keep pulling out figures from thin air to deceive their gullible imbeciles while there's no evidence of progress on the citizens.

Believeintruth:


See dude propaganda no dey sell. The reason for the so called surplus is that imports have reduced due to the high exchange rate and the high duties at the port.
For a 20ft container it cost about 22 million to pay duty and clear, coupled with the cost of freight and the goods.
If the cost is transfered to the customer how can they afford it, knowing fully well that purchase power has been eroded.

I know that you are never happy. Fake news purveyor dwells on negativities. With Tinubu,Nigeria shall be great

Believeintruth:


See dude propaganda no dey sell. The reason for the so called surplus is that imports have reduced due to the high exchange rate and the high duties at the port.
For a 20ft container it cost about 22 million to pay duty and clear, coupled with the cost of freight and the goods.
If the cost is transfered to the customer how can they afford it, knowing fully well that purchase power has been eroded.

You believe them on negative inflation rate but called the positive news propaganda.

jamafa:


But if it's negative news, you will believe or say it's true.

Since it's positive news, it's fake 🤥

Who do us in this country??

Where are the positives that you're talking about?
It is the same product that we have been exporting since time immemorial: oil. Apart from oil and gas, we exported nothing new. Essentially the much celebrated trade surplus arose because the government was able to stiffle importation of goods through a new foreign exchange regime and high import tariffs at the ports. This has led to massive inflation in of the selling prices of different essential consumables, thereby pauperising a generation. Folks can't get their hands on basic staples that can't be produced in commercial quantities here. So how's this the good news to you?

Na Statistics we go chop?

I thought we don't export nothing🤔...

Story stories story ooo

Very soon, the surplus will reach our stomachs 😊😊😊

[quote author=seunowa post=133191833][/quote]
Misleading heading...d increased export being described was primarily crude oil.... nonsense

Lol.

On the surface, not bad. But look deeper and do a comparative analysis, then you would find the manipulations.

This is why they keep the exchange rate high so they can rollout fantastic figures like these to bamboozle unsuspecting Nigerians and provide fodder for thier social media m1screants to bleat about.

For context & comparism, before BAT's social media m1screants attack me.

Trade surplus was in 2014 was N1.4trn = $7.1bn (@N197:$1)

Trade surplus in 2024: N5.8trn = $3.8bn (N1600:$1)

Alhamdulillah!
May it translate to better condition of living for the masses!

Usual bullocks for Brainless zombies😂😂😂😄😄🤣🤣

# all motion, NO MOVEMENT govt of self serving THIEVES AND BLOODTHIRSTY TERRORISTS 💯💯💯📢📢📢📢

bdon123:

Misleading heading...d increased export being described was primarily crude oil.... nonsense

You are a disgrace to your parent. ignorant fellow

By the time Bola finishes with Nigeria's economy, Una go beg.am to serve another 4 years.

No be beans to get first class nah!