June 19, 2024

Crude oil tops Nigeria’s foreign trade in Q1 2024


Adewale Akintaro

Nigeria’s exports trade in the first quarter of 2024 was led by crude oil exports put at N15.48 trillion, standing for 80.80% of total exports while the value of non-crude oil exports stood at N3,680.73 trillion accounting for 19.20% of total exports; the National Bureau of Statistics, NBS, has said.
NBS said Nigeria’s total merchandise trade stood at N31.81trillion in Q1 2024, which represents an increase of 46.27% over the value recorded in the preceding quarter, and rose by 145.58% compared to the value recorded in the corresponding period of 2023.
Data revealed that export accounted for 60.25% of total trade in the reviewed quarter with a value of N19.16trillion, showing an increase of 51.00% compared to the value recorded in Q4 2023 (N12.69trillion) and by 195.47% over the value recorded in the first quarter of 2023 (N6.4trillion).
Import for Q1 2024 accounted for N12.6trillion, giving Nigeria a trade balance of N6.52trillion.
Petroleum products, manufactured goods and agricultural goods imported from from Asia, Europe and America dominated Nigeria’s trade import for the period under review.

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