Nigeria has recorded a trade surplus of N5.81tn in the third quarter of 2024, reflecting a remarkable rise in export earnings, according to the latest data from the National Bureau of Statistics.
However, the surplus recorded in Q3 2024 is far lower than the N6.95tn trade surplus recorded in the previous quarter.
The NBS, in its foreign trade statistics report on Friday, noted that Nigeria’s merchandise trade for the Q3 this year was a total value of N35.16tn, marking an 81.35 per cent increase compared to the same period in 2023 and a 13.26 per cent rise from the previous quarter.
Total exports for the quarter surged by 98.00 per cent to N20.49tn, compared to N10.35tn in Q3 2023.
This marks a 16.76 per cent increase from N17.55tn in the preceding quarter, Q2 2024.
“Total exports in Q3 2024 were valued at N20.49tn, reflecting a 98.00 per cent rise compared to N10.35tn in the corresponding quarter of 2023 and a 16.76 per cent increase compared to N17.55tn in Q2 2024,” the NBS report read.
The significant boost in exports was primarily driven by Nigeria’s crude oil and natural gas exports, which remain key contributors to the country’s foreign exchange earnings.