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Nigeria’s total merchandise trade recorded significant growth in the fourth quarter of 2024, driven by a sharp rise in imports and steady export performance.
According to the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics, total trade for the period stood at N36.6tn, representing a 68.3 per cent increase from the corresponding quarter in 2023 and a 2.2 per cent rise from the third quarter of 2024.
Despite maintaining a trade surplus, the country’s trade balance declined significantly.
The surplus for the quarter stood at N3.42tn, reflecting a 34.9 per cent drop from the previous quarter.
The decline was largely attributed to the continued increase in imports and a marginal drop in export earnings.
The NBS report stated, “Nigeria’s total merchandise trade stood at N36,604.83bn in Q4 2024. This represents an increase of 68.32 per cent compared to the value (N21,747.40bn) recorded in the corresponding period of 2023 and a rise of 2.20 per cent over the value recorded in the preceding quarter (N35,818.35bn).”
Total exports in Q4 2024 were valued at N20.01tn, marking a 57.7 per cent increase compared to the same period in 2023.
However, exports declined by 2.55 per cent from the N20.54tn recorded in the previous quarter.
Crude oil continued to dominate Nigeria’s exports, accounting for 68.87 per cent of total exports with a value of N13.78tn.
This represented a 33.7 per cent increase from Q4 2023 and a 2.8 per cent rise from Q3 2024. Other key exports included liquefied natural gas, petroleum gases, superior-quality cocoa beans, and urea, which contributed significantly to Nigeria’s non-oil export revenue.
The Netherlands emerged as Nigeria’s largest export destination, receiving N2.09tn worth of goods, representing 10.44 per cent of total exports.
France followed with N1.91tn, while Spain recorded N1.74tn. India and Indonesia were also among the top five export partners, with N1.60tn and N1.41tn in trade, respectively.
These five countries collectively accounted for 43.7 per cent of Nigeria’s total exports during the period.
Total imports in Q4 2024 rose sharply to N16.59tn, reflecting an 83.2 per cent increase from the N9.05tn recorded in Q4 2023. Compared to the previous quarter, imports increased by 8.57 per cent from N15.28tn.
However, mineral product imports declined, falling from N5.84tn in Q3 2024 to N4.92tn in Q4 2024, indicating a reduced reliance on imported mineral fuels.
Agricultural imports reached N1.09tn in Q4 2024, representing a 53.4 per cent rise from the same period in 2023.
Raw material imports surged to N2.11tn, marking a 118.2 per cent year-on-year increase. Manufactured goods imports recorded the highest growth, reaching N8.47tn, an increase of 113.3 per cent from Q4 2023.
China remained Nigeria’s top import source, accounting for N4.61tn or 27.8 per cent of total imports. India followed with N1.90tn, while Belgium, the United States, and France contributed N1.39tn, N1.06tn, and N601.28bn, respectively.
The agricultural sector recorded strong growth in Q4 2024, with total agricultural exports valued at N1.54tn, reflecting a 232 per cent increase from the same period in 2023.
Superior quality cocoa beans were the most exported agricultural product, accounting for N836.2bn.
Standard quality cocoa beans followed at N269.3bn, while sesamum seeds were valued at N202.9bn.
Other notable agricultural exports included natural cocoa butter at N104.6bn and shelled cashew nuts at N30.8bn.
Europe remained the dominant market for Nigeria’s agricultural exports, accounting for N986.7bn, while Asia received N474.4bn worth of agricultural products.
The Netherlands and Malaysia were the top buyers of Nigerian cocoa beans, while China and Japan imported significant quantities of sesamum seeds.
Total exports in the solid minerals sector were valued at N60.7bn, reflecting a 69.2 per cent increase year-on-year but a 21.9 per cent decline from Q3 2024.
Cement clinkers and tin ores were the dominant solid mineral exports, with major trading partners including Cameroon and China.
Imports of solid minerals, mainly plasters from Egypt and Tunisia, were valued at N111.8bn during the quarter.
Manufactured goods exports stood at N494.2bn, marking a 110.3 per cent increase year-on-year but a 52.5 per cent decline from Q3 2024.
The top manufactured goods exports included unwrought aluminium alloys, dredgers, and cathodes. Most of Nigeria’s manufactured goods exports were shipped to Africa, followed by Asia and Europe.
Meanwhile, manufactured goods imports surged to N8.47tn, with aircraft parts from France and photovoltaic cells from China among the most imported items.
Trade with African countries remained robust, with total exports valued at N2.04tn, while imports from the continent stood at N514.96bn, representing just 3.1 per cent of total imports. South Africa, Ivory Coast, and Senegal emerged as Nigeria’s top trading partners within Africa.
