Nigeria’s Q4 2024 Trade Performance: ₦36.6 Trillion in Total Trade, ₦3.42 Trillion Surplus – NBS

According to the National Bureau of Statistics (NBS), Nigeria’s total merchandise trade surged to ₦36.6 trillion in Q4 2024, reflecting a 68.32% increase from ₦21.75 trillion in Q4 2023 and a 2.20% rise from the previous quarter. This sustained growth highlights the country’s strengthening trade position.

Key Trade Insights from Q4 2024:

• Crude Oil Dominance: Crude oil exports stood at ₦13.78 trillion, making up 68.87% of total exports, while non-crude oil exports contributed ₦6.23 trillion (31.13%).
• Non-Oil Export Growth: Non-oil exports reached ₦2.84 trillion, accounting for 4.20% of total exports, signaling gradual diversification.
• Trade Surplus: Nigeria recorded a trade surplus of ₦3.42 trillion, with total exports at ₦20.01 trillion and imports at ₦16.59 trillion.

Economic Implications

The robust growth in Nigeria’s trade performance indicates economic resilience. The rise in non-oil exports suggests a slow but steady move toward diversification, reducing dependence on crude oil. The ₦3.42 trillion trade surplus strengthens the country’s external balance, supporting currency stability and mitigating inflationary pressures.

Impact on Nigerian Businesses

This expansion benefits businesses, particularly in agriculture, trade, and technology, by creating greater demand for goods and services. However, challenges like high inflation persist, affecting profitability. Despite this, Nigeria’s positive trade trajectory presents opportunities for companies operating in key growth sectors.

The Road Ahead

Nigeria’s Q4 2024 trade performance reflects resilience and progress. While crude oil remains dominant, the steady rise in non-oil exports underscores the country’s diversification efforts. Addressing inflation and structural challenges will be crucial for sustaining this momentum and ensuring long-term economic growth.