According to Nigeria’s National Bureau of Statistics (NBS), the country’s trade surplus rose to a record high of N6.52 trillion in the first quarter of 2024
Here are some key highlights from the NBS report
– Total exports: N19.17 trillion, up 51% from Q4 2023 and 195.47% from Q1 2023
– Total imports: N12.64 trillion, up 39.65% from Q4 2023 and 95.53% from Q1 2023
– Top export destinations: France (11.09%), Spain (10.56%), Netherlands (8.85%), India (8.41%), and United States (6.84%)
– Top import partners: China (23.18%), India (8.46%), United States (7.98%), Belgium (7.56%), and Netherlands (4.68%)
– Major export commodities: Crude oil, liquefied natural gas, sesamum seeds, urea, and superior-quality cocoa beans
– Major import commodities: Motor spirit ordinary, gas oil, durum wheat, cane sugar, and other liquefied petroleum gases.
