“Nigeria Imports N12.64 Trillion in Finished Goods, Exports N1.04 Trillion in Raw Materials”


Nigeria has reported a remarkable surge in merchandise trade despite ongoing challenges in its foreign exchange market, according to the latest data from the Nigerian Bureau of Statistics. In Q1 2024, total merchandise trade soared to N31.81 trillion, marking a substantial 145.58% increase compared to the same period in 2023, which recorded N12.95 trillion.

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Exports led the charge, accounting for 60.25% of total trade at N19.17 trillion, up by 51.0% from Q4 2023 and a staggering 195.47% increase year-on-year from Q1 2023. Crude oil exports dominated, totaling N15.47 trillion, representing 80.80% of the total exports. Non-crude oil exports also saw significant growth, reaching N3.68 trillion.

On the import side, Nigeria imported goods valued at N12.64 trillion, a 39.65% increase from Q4 2023 and a 95.53% rise from Q1 2023. Mineral fuels, machinery, and transport equipment were the leading import categories.

The positive trade balance of N6.52 trillion, driven by robust export performance amidst naira devaluation and global demand spikes, underscores Nigeria’s resilience in the face of economic challenges. This trend aligns with global forecasts by the World Trade Organization (WTO), which anticipates a 2.6% growth in global merchandise trade for 2024.

Agricultural goods exports surged to N1.04 trillion, while raw material exports reached N352.75 billion, highlighting diversified export efforts. Imports of raw materials and other commodities also increased, reflecting Nigeria’s efforts to meet domestic demand amidst global supply chain pressures.

Trade with African nations played a crucial role, with exports valued at N2.24 trillion and imports at N401.83 billion. Key export destinations included South Africa, Ivory Coast, and Senegal, while imports were primarily sourced from China, India, and the United States.

Looking ahead, Nigeria expects continued growth in its trade surplus, bolstered by strong crude oil exports and strategic import management. This positive trajectory is poised to contribute to a higher current account surplus, despite ongoing challenges in the services sector.

In conclusion, Nigeria’s robust merchandise trade performance in Q1 2024 signals resilience amidst economic turbulence, positioning the country for sustained growth in the global marketplace.

Source: Adapted from Cowry Weekly Financial Markets Review & Outlook

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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