In the opening quarter of 2024, Nigeria marked a notable trade surplus as its exports surged to N19,167.40 billion, while imports settled at N12,643.23 billion.
This was revealed by the latest foreign trade report from the National Bureau of Statistics.
The impressive export growth of 195.47 percent compared to Q1 2023’s N6,487.04 billion is a significant highlight.
This surge also represents a 51.00 percent increase from Q4 2023’s N12,693.62 billion. France, Spain, the Netherlands, India, and the United States emerged as the leading export partners.
Noteworthy among the exported goods were crude oil, liquefied natural gas, sesamum seeds, urea, whether or not in aqueous solution, and superior-quality cocoa beans.
On the import side, the country saw a 95.53 percent growth from the corresponding quarter of 2023, where imports were valued at N6,466.10 billion.
China, India, the United States, Belgium, and the Netherlands were the top trading partners for imports.
The most imported commodities comprised Motor spirit ordinary, Gas oil, Durum wheat, Not in seeds, Cane sugar meant for sugar refinery, other liquefied petroleum gases, and other gaseous hydrocarbons.
