The Netherlands emerged as Nigeria’s top export destination, receiving N2.09 trillion worth of goods, or 10.44% of total exports. Other key trading partners included 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.
Abuja, Nigeria – Nigeria’s foreign trade surged in the fourth quarter of 2024, reaching N36.6 trillion, fueled by an increase in imports and steady export activity. The latest Foreign Trade in Goods Statistics report from the National Bureau of Statistics (NBS) reveals that total trade saw a 68.3% jump year-on-year compared to Q4 2023 and a 2.2% increase from Q3 2024.
Despite maintaining a trade surplus, the balance of trade dipped significantly in the last quarter of the year. The trade surplus stood at N3.42 trillion, marking a 34.9% decline from Q3 2024, mainly due to rising imports and a marginal drop in exports.
Exports Performance: Oil Leads, Cocoa and LNG Drive Growth
Total exports in Q4 2024 were valued at N20.01 trillion, reflecting a 57.7% increase from Q4 2023 but a 2.55% decline from Q3 2024. Crude oil remained the backbone of Nigeria’s exports, accounting for 68.87% of total exports, with a value of N13.78 trillion. This represents a 33.7% year-on-year rise and a 2.8% quarter-on-quarter increase.
Other significant exports included liquefied natural gas (LNG), petroleum gases, cocoa beans, and urea, which contributed substantially to non-oil export revenues.
The Netherlands emerged as Nigeria’s top export destination, receiving N2.09 trillion worth of goods, or 10.44% of total exports. Other key trading partners included 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.
Agricultural exports saw remarkable growth, hitting N1.54 trillion, a 232% surge compared to Q4 2023. Superior quality cocoa beans topped the list with N836.2 billion in exports, followed by standard cocoa beans (N269.3 billion) and sesamum seeds (N202.9 billion). Natural cocoa butter and cashew nuts also saw strong demand.
Most agricultural exports went to Europe (N986.7 billion) and Asia (N474.4 billion), with the Netherlands and Malaysia being the leading buyers of Nigerian cocoa. China and Japan were the main importers of sesamum seeds.
In the solid minerals category, exports totaled N60.7 billion, reflecting a 69.2% year-on-year increase but a 21.9% drop from Q3 2024. Cement clinkers and tin ores were the primary exports, with Cameroon and China as key trading partners.
Manufactured goods exports stood at N494.2 billion, growing 110.3% year-on-year but declining 52.5% from Q3 2024. Unwrought aluminum alloys, dredgers, and cathodes were among the major manufactured goods shipped abroad.
Imports Surge by 83.2% to N16.59 Trillion
Nigeria’s total imports for Q4 2024 climbed sharply to N16.59 trillion, marking an 83.2% increase from N9.05 trillion in Q4 2023. Compared to Q3 2024, imports rose by 8.57%.
While total imports increased, mineral product imports declined, dropping from N5.84 trillion in Q3 to N4.92 trillion in Q4 2024, indicating reduced dependence on imported mineral fuels.
Agricultural imports stood at N1.09 trillion, reflecting a 53.4% increase from Q4 2023, while raw material imports jumped 118.2% year-on-year to N2.11 trillion. Manufactured goods imports saw a substantial rise, hitting N8.47 trillion, up 113.3% from Q4 2023.
China remained Nigeria’s largest source of imports, accounting for N4.61 trillion (27.8% of total imports). Other major import partners included India (N1.90 trillion), Belgium (N1.39 trillion), the U.S. (N1.06 trillion), and France (N601.28 billion).
Nigeria’s Trade with Africa and ECOWAS Stays Strong
Trade between Nigeria and other African nations remained robust, with total exports to the continent valued at N2.04 trillion, while imports stood at N514.96 billion, representing 3.1% of total imports.
Within ECOWAS, Nigeria exported goods worth N1.18 trillion, while imports from the region totaled N77.1 billion. Ivory Coast, Senegal, Togo, Ghana, and Benin Republic were the top ECOWAS trading partners.
Nigeria’s primary exports to ECOWAS included petroleum oils, electrical energy, and cigarettes, while crude palm oil and petroleum bitumen were among the top imports from the region.
Trade Dominated by Maritime Transport
Sea transport remained the dominant mode for Nigeria’s international trade. 98.8% of exports were shipped via sea, with Apapa Port handling 89.6% of outbound shipments.
For imports, 90.2% of total inbound goods arrived by sea, with Apapa Port serving as the primary entry point.
Outlook
Nigeria’s foreign trade performance in Q4 2024 highlights a robust increase in imports, with exports maintaining steady momentum. The trade surplus decline signals the impact of rising import bills, despite strong crude oil and non-oil exports. As Nigeria continues to diversify its trade portfolio, key sectors such as agriculture and manufacturing could play a vital role in balancing future trade dynamics.
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