By Joke Kujenya
NIGERIA’s TRADE surplus reached N6.95 trillion in the second quarter of 2024, reflecting a 6.60% increase from the N6.52 trillion recorded in the first quarter.
This positive shift highlights the country’s strengthening economic performance.
The latest figures come shortly after Nigeria’s domestic bond issuance saw an oversubscription of nearly 100% and a half-year revenue of N9.1 trillion.
These developments underscore the ongoing economic improvements.
The National Bureau of Statistics (NBS) report reveals that despite a 3.76% decline in total merchandise trade from Q1 2024, the figure of N31.89 trillion represents a dramatic 150.39% increase from the same period in 2023.
The trade surplus is largely attributed to robust export activities.
In Q2 2024, Nigeria’s exports surged to N19.42 trillion, accounting for 60.89% of the total trade volume.
This figure marks a 1.31% increase from N19.17 trillion in Q1 2024 and a substantial 201.76% rise from N6.44 trillion in Q2 2023.
Crude oil exports led this performance, contributing N14.56 trillion, or 74.98% of total exports.
Non-crude oil exports were valued at N4.86 trillion, making up 25.02% of total exports, with non-oil products contributing N1.94 trillion.
European and American markets were the top destinations for Nigerian exports in Q2 2024.
Spain emerged as the leading partner with goods valued at N2.01 trillion, or 10.34% of total exports.
The United States followed with N1.86 trillion (9.56%), and France imported N1.82 trillion, representing 9.37% of total exports.
India and the Netherlands also featured prominently, importing N1.65 trillion (8.50%) and N1.38 trillion, respectively.
The improved trade balance reflects the ongoing success of President Bola Tinubu’s economic reforms.
The administration remains committed to leveraging these reforms to foster further economic growth and unlock Nigeria’s full potential.
