Nigeria recorded a significant rise in its foreign exchange earnings in the second quarter of 2024, driven by strong export performance. According to the latest foreign trade statistics released by the National Bureau of Statistics (NBS) on Wednesday, the nation posted a trade surplus of N6.95 trillion, reflecting a 6.60% increase from the previous quarter. This trade surplus underscores Nigeria’s growing export strength despite a dip in overall merchandise trade.
A trade surplus occurs when a country’s exports exceed its imports, marking a positive balance of trade. The strong performance in Q2 2024 was largely supported by robust exports, which offset a reduction in the value of imports, particularly fuel products.
Fuel products led the list of imported goods during the period. The value of other oil product imports stood at N4.425 trillion, reflecting a decrease of 23.34% from the N5.772 trillion recorded in Q1 2024. Despite the quarter-on-quarter reduction, the import value represented a substantial 98.64% rise compared to N2.23 trillion in Q2 2023.
In total, imports into Nigeria reached N12.47 trillion during Q2 2024. This marks a 10.71% decrease compared with N13.97 trillion in Q1 2024, but an astonishing 97.93% increase compared to N6.3 trillion recorded in the same quarter of 2023.
The NBS highlighted the country’s overall trade performance, noting that the surplus showcases Nigeria’s export resilience amid global economic fluctuations and a slight decline in total merchandise trade. Exports have continued to outpace imports, helping the country bolster its foreign exchange earnings in 2024.
