Spain and U.S. Dominate Nigeria’s Export Market in Second Quarter of 2024

Nigeria’s trade sector has recorded a significant milestone, with the country’s trade surplus reaching N6.95 trillion in the second quarter of 2024. This represents a 6.60% increase from the previous quarter, driven largely by the strong performance of the export sector, particularly in crude oil.
According to data released by the National Bureau of Statistics (NBS), Nigeria’s total goods trade in Q2 2024 stood at N31.89 trillion, a 150.39% rise over the same period in 2023, but a 3.76% reduction from the previous quarter. Exports played a crucial role in driving economic growth, accounting for 60.89% of total trade and reaching N19.42 trillion.
The export sector saw a 1.31% increase from Q1 2024 and a significant 201.76% increase from Q2 2023, with crude oil exports leading the way. Crude oil exports accounted for N14.56 trillion, or 74.98%, of total exports, while non-crude oil exports came in at N4.86 trillion.
Nigeria’s export destinations were led by Spain, which accounted for N2.01 trillion, or 10.34%, of total exports. The United States and France followed closely, with the United States accounting for 9.56% and N1.86 trillion, respectively. India and the Netherlands were also significant export partners, with India accounting for N1.65 trillion and the Netherlands accounting for N1.38 trillion.
On the other hand, imports declined to N12.47 trillion in Q2 2024, representing a 10.71% decrease from the previous quarter but a 97.93% increase compared to Q2 2023. China remained Nigeria’s top import supplier, accounting for N3.03 trillion, or 24.29%, of total imports. The United States, Belgium, India, and the Netherlands were also significant import partners.
Maritime transport played a dominant role in both exports and imports, accounting for 99.14% of exports and 94.94% of imports in Q2 2024. This highlights the crucial role of Nigeria’s seaports in facilitating international trade. Air and road transport played a relatively minor role in comparison.
The strong performance of the export sector is a positive sign for Nigeria’s economy, which has been working to diversify its revenue streams and reduce its dependence on oil exports. The government has implemented various initiatives aimed at promoting non-oil exports and improving the business environment.