The National Bureau of Statistics (NBS) has revealed that Nigeria’s total merchandise trade stood at N31.89 trillion in the second quarter of 2024. According to the NBS Foreign Trade in Goods Statistics Report released on Thursday, this represents a 3.76% decline from Q1 2024, but a significant 150.39% increase compared to Q2 2023.
The report highlights that exports totaled N19.42 trillion, making up 60.89% of the total trade, while imports accounted for N12.47 trillion. Crude oil exports dominated the quarter with N14.56 trillion, representing 74.98% of total exports. Meanwhile, non-crude oil exports reached N4.86 trillion, or 25.02% of total exports.
On the import side, China remained Nigeria’s largest trading partner, followed by Belgium, India, the United States, and the Netherlands.
Credit: NAN (Text Excluding Headline)
