Nigeria’s trade surplus stood at N5.81 trillion in the third quarter of 2024, according to the latest foreign trade statistics report released this Friday.
Data from the National Bureau of Statistics (NBS) shows that Nigeria recorded a total trade volume of N138 trillion, the highest in the country’s history, representing a 106% increase compared to the previous year. This translates to $89.9 billion in dollar terms, suggesting a total surge of 22.1% in 2024 when dollarized.
Equally, Non-oil exports hit a four-year high: Non-oil exports reached $5.9 billion in 2024, the highest level since 2020 in both naira and dollar terms. Nigeria’s non-oil exports largely consist of agricultural and mineral products, with Africa being a key export destination.
Echezona Okafor.
