The trade surplus in Nigeria for the first quarter of 2024 (Q1’24) reached N6.52 trillion, reflecting a 79 percent quarter-on-quarter (QoQ) increase compared to the N3.64 trillion recorded in the fourth quarter of 2023 (Q4’23).
In the first quarter of 2024, Nigeria had a positive merchandise trade balance of ₦6.52 trillion.
The National Bureau of Statistics (NBS) disclosed today in its report on Foreign Trade in Goods Statistics for Q1’24.
As per the NBS, total merchandise reached N31.8 trillion, marking a QoQ increase of 46.3 percent from N21.75 trillion in Q4’23. The bureau highlighted that exports amounted to N19.2 trillion, with imports standing at N12.6 trillion in Q1’24.
Oil exports amounted to ₦3.7 trillion, comprising 19.2 percent of total exports, while non-oil products contributed ₦1.8 trillion, accounting for 9.3 percent of total exports.