June 10, 2024

…Total merchandise trade stood at N31,810.59bn as export increased by 123% in Q1, 2024

The value of total imports stood at ₦12,643.23 billion in the first quarter of 2024, representing an increase of 39.65% compared with the value recorded in Q4, 2023 (₦9,053.78 billion) and a rise of 95.53% from the value recorded in the corresponding quarter of 2023 (₦6,466.10 billion), according to the National Bureau of Statistics (NBS).

In its latest Foreign Trade in Goods Statistics for Q1, 2024 released on Monday, the NBS stated that, in the first quarter of 2024, China ranked highest among the top trading
partners on the import side, followed by India, United States of America, Belgium, and The Netherlands.

The most traded commodities were Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, 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.

In Q1 2024, 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 products 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.

However, Nigeria’s total merchandise trade stood at N31,810.59 billion in Q1, 2024, this the NBS said represents an increase of 46.27% over the value recorded in the preceding quarter and rose by 145.58% compared to the value recorded in the corresponding period of 2023.

Data revealed that export accounted for 60.25% of total trade in the reviewed quarter with a value of N19,167.36 billion, showing an increase of 51.00% compared to the value recorded in Q4 2023 (N12,693.62) and by 195.47% over the value recorded in the first quarter of 2023 (N6,487.04).

Exports trade in the first quarter of 2024 was dominated by crude oil exports valued at N15,486.63 billion representing 80.80% of total exports while the value of non-crude oil exports stood at N3,680.73 billion accounting for 19.20% of total exports; of which non-oil products contributed N1,778.85 billion or 9.28% of total exports.

Most of the agricultural products were exported to Asia, valued at ₦572bn, followed by exports to Europe with ₦366bn.

Exports of agricultural goods from Nigeria to other countries, increased by 123 per cent over the value recorded in the fourth quarter of 2023 (₦463.97bn), and also by 270 per cent when compared to the value recorded in Q1, 2023 (₦279.64 billion).