Nigeria’s Exports Rise 51% to N19.17Trn, Imports Hit N12.64trn
In the first three months in 2024, Nigeria grew total exports by 51% quarter-on-quarter to about N19.17 billion, according to National Bureau of Statistics foreign trade in goods report.
According to the statistics office, the total value of imports in the first quarter of 2024 was ₦12,643.23 billion, which is a 39.65% increase over the value of ₦9,053.78 billion recorded in the same period in 2023.
However, compared to the ₦6,466.10 billion recorded in the corresponding quarter of 2023, the import amount represents a 95.53% increase. For the trade deals, China ranked highest among the top trading partners on the import side, followed by India, the United States of America, Belgium, and the Netherlands.
In the import category, the most traded commodities were motor spirit ordinary, gas oil, durum wheat, cane sugar meant for sugar refineries, and other liquefied petroleum gases and other gaseous hydrocarbons.
The value of agricultural goods imported in Q1 2024 was ₦920.54 billion, reflecting an increase of 29.45% when compared to ₦711.14 billion in Q4 2023, and a 95.28% rise compared to ₦471.39 billion in Q1 2023.
Meanwhile, raw material imports were valued at ₦1,467.41 billion. This represents a 51.78% increase from ₦966.80 billion in Q4 2023 and a significant rise of 164.18% from ₦555.47 billion in Q1 2023.
In the first quarter of 2024, solid mineral imports were valued at ₦71.38 billion. This represents a 21.15% increase from ₦58.92 billion in Q4 2023 and a 59.23% increase from ₦44.83 billion in Q1 2023.
In the reviewed quarter, the value of imported manufactured goods was ₦5,738.32 billion, reflecting a 44.47% increase from ₦3,971.91 billion in Q4 2023 and a 139.47% rise from ₦2,396.23 billion in Q1 2023.
The value of other oil product imports in Q1 2024 stood at ₦4,445.52 billion, showing an increase of 32.90% from ₦3,344.93 billion in Q4 2023 and a 48.28% rise from ₦2,998.11 billion in Q1 2023.
Total exports in Q1 2024 were valued at ₦19,167.40 billion, reflecting a 51.00% increase compared to ₦12,693.62 billion in Q4 2023 and a 195.47% rise compared to ₦6,487.04 billion in Q1 2023. In Q1 2024, the top trading export partners were France, Spain, the Netherlands, India, and the United States of America.
The most exported commodities included crude oil, liquefied natural gas, sesame seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans.
Exports of agricultural goods in Q1 2024 amounted to ₦1,035.02 billion, a 123.08% increase from ₦463.97 billion in Q4 2023 and a 270.13% rise from ₦279.64 billion in Q1 2023.
The value of raw material exports in Q1 2024 was ₦352.75 billion, a rise of 7.09% from ₦329.41 billion in Q4 2023 and by 76.48% from ₦199.89 billion in Q1 2023.
Solid mineral exports in Q1 2024 were valued at ₦63.41 billion, marking a 76.77% increase from ₦35.87 billion in Q4 2023 and a 143.69% rise from ₦26.02 billion in Q1 2023.
The value of manufactured goods exports in Q1 2024 was ₦268.70 billion, reflecting a 14.36% increase from ₦234.96 billion in Q4 2023 and a 104.88% increase from ₦131.15 billion in Q1 2023.
Crude oil exports in Q1 2024 were valued at ₦15,486.63 billion, a rise of 50.20% from ₦10,310.70 billion in Q4 2023 and by 200.79% from ₦5,148.58 billion in Q1 2023.
Other oil product exports in Q1 2024 stood at ₦1,901.88 billion, showing an increase of 47.70% from ₦1,287.65 billion in Q4 2023 and a 177.17% rise from ₦686.17 billion in Q1 2023. Fitch Upgrades Coronation Merchant Bank as Funding Risks Recede
