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Nigeria’s Trade Surges in Q4 2024, Driven by Sharp Import Growth, Steady Exports
Nigeria’s total merchandise trade experienced significant growth in the fourth quarter of 2024, fueled by a sharp rise in imports and steady export performance.
According to the latest Foreign Trade in Goods Statistics report from the National Bureau of Statistics (NBS), total trade for the quarter reached N36.6 trillion, marking a 68.3% increase compared to the same period in 2023 and a 2.2% rise from the third quarter of 2024.
Despite maintaining a trade surplus, Nigeria’s trade balance declined significantly, with the surplus for the quarter standing at N3.42 trillion, a 34.9% drop from the previous quarter.
This decline was attributed to a continued increase in imports and a marginal decrease in export earnings.
Exports: Crude Oil Dominates, Non-Oil Exports Show Growth
Total exports in Q4 2024 were valued at N20.01 trillion, reflecting a 57.7% year-on-year increase. However, exports dipped by 2.55% compared to the previous quarter. Crude oil remained the dominant export, accounting for 68.87% of total exports with a value of N13.78 trillion, up 33.7% from Q4 2023 and 2.8% from Q3 2024. Other key exports included liquefied natural gas, petroleum gases, superior-quality cocoa beans, and urea, which contributed significantly to non-oil export revenue.
The Netherlands emerged as Nigeria’s largest export destination, receiving N2.09 trillion worth of goods, followed by France (N1.91 trillion), Spain (N1.74 trillion), India (N1.60 trillion), and Indonesia (N1.41 trillion). These five countries collectively accounted for 43.7% of Nigeria’s total exports during the quarter.
Imports: Sharp Rise Driven by Manufactured Goods
Total imports in Q4 2024 surged to N16.59 trillion, an 83.2% increase from Q4 2023 and an 8.57% rise from the previous quarter. While mineral product imports declined by 15.7% to N4.92 trillion, agricultural imports rose by 53.4% to N1.09 trillion, and raw material imports surged by 118.2% to N2.11 trillion. Manufactured goods imports recorded the highest growth, reaching N8.47 trillion, a 113.3% increase year-on-year.
China remained Nigeria’s top import source, accounting for N4.61 trillion or 27.8% of total imports. India followed with N1.90 trillion, while Belgium, the United States, and France contributed N1.39 trillion, N1.06 trillion, and N601.28 billion, respectively.
Agricultural Exports: Cocoa Beans Lead the Way
The agricultural sector saw strong growth in Q4 2024, with total agricultural exports valued at N1.54 trillion, a 232% increase from the same period in 2023. Superior-quality cocoa beans were the most exported agricultural product, accounting for N836.2 billion, followed by standard-quality cocoa beans (N269.3 billion) and sesamum seeds (N202.9 billion). Europe remained the dominant market for
Nigeria’s agricultural exports, accounting for N986.7 billion, while Asia received N474.4 billion worth of agricultural products.
Solid Minerals and Manufactured Goods: Mixed Performance
Total exports in the solid minerals sector were valued at N60.7 billion, reflecting a 69.2% year-on-year increase but a 21.9% decline from Q3 2024. Cement clinkers and tin ores were the dominant exports, with Cameroon and China as major trading partners.
Meanwhile, manufactured goods exports stood at N494.2 billion, marking a 110.3% year-on-year increase but a 52.5% decline from the previous quarter. Key manufactured exports included unwrought aluminium alloys, dredgers, and cathodes, with Africa being the primary destination.
Trade with Africa: Robust Exports, Limited Imports
Trade with African countries remained robust, with total exports valued at N2.04 trillion, while imports from the continent stood at N514.96 billion, representing just 3.1% of total imports. South Africa, Ivory Coast, and Senegal emerged as Nigeria’s top trading partners within Africa.
Overall, Nigeria’s trade performance in Q4 2024 highlights a growing reliance on imports, particularly manufactured goods, while exports, led by crude oil and agricultural products, continue to play a vital role in the economy.
