Nigeria’s total merchandise trade witnessed significant growth in the fourth quarter of 2024, fueled by a surge in imports and stable export performance.
According to the latest Foreign Trade in Goods Statistics report from the National Bureau of Statistics (NBS), total trade for the quarter reached N36.6 trillion. This marks a remarkable 68.3% increase from the corresponding quarter in 2023 and a 2.2% rise from the third quarter of 2024.
However, despite maintaining a trade surplus, Nigeria’s trade balance experienced a sharp decline. The surplus for Q4 2024 stood at N3.42 trillion, representing a 34.9% drop from the previous quarter. The decline was largely attributed to rising imports and a slight dip in exports.
Total exports in Q4 2024 were valued at N20.01 trillion, reflecting a 57.7% year-on-year increase. However, this represented a slight 2.55% decline from N20.54 trillion recorded in Q3 2024. Crude oil remained the dominant export, accounting for 68.87% of total exports at a value of N13.78 trillion—an increase of 33.7% from Q4 2023 and 2.8% from Q3 2024.
Other key exports included liquefied natural gas, petroleum gases, high-quality cocoa beans, and urea, which contributed significantly to Nigeria’s non-oil export revenue.
The Netherlands emerged as Nigeria’s top export destination, receiving N2.09 trillion worth of goods, representing 10.44% of total exports. France followed closely with N1.91 trillion, while Spain, India, and Indonesia rounded out the top five, collectively accounting for 43.7% of total exports.
Nigeria’s agricultural sector recorded impressive export growth in Q4 2024, with total agricultural exports reaching N1.54 trillion—a 232% increase from Q4 2023. Cocoa beans were the top agricultural export, contributing N836.2 billion, followed by standard quality cocoa beans (N269.3 billion) and sesamum seeds (N202.9 billion).
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Other notable agricultural exports included natural cocoa butter (N104.6 billion) and shelled cashew nuts (N30.8 billion).
Europe remained the largest market for Nigeria’s agricultural exports, accounting for N986.7 billion, while Asia followed with N474.4 billion. The Netherlands and Malaysia were the primary buyers of Nigerian cocoa, while China and Japan imported significant quantities of sesamum seeds.
Total exports in the solid minerals sector stood at N60.7 billion, marking a 69.2% year-on-year increase but a 21.9% decline from Q3 2024.
Cement clinkers and tin ores were the leading solid mineral exports, with major trade destinations including Cameroon and China. Meanwhile, solid mineral imports—mainly plasters from Egypt and Tunisia—were valued at N111.8 billion.
Manufactured goods exports reached N494.2 billion, representing a 110.3% increase from Q4 2023 but a 52.5% drop from Q3 2024. Unwrought aluminum alloys, dredgers, and cathodes were among the top exported manufactured goods, with Africa, Asia, and Europe as key trading partners.
Imports in this category stood at N8.47 trillion, with aircraft parts from France and photovoltaic cells from China among the most imported items.
Total imports in Q4 2024 soared to N16.59 trillion, an 83.2% increase from N9.05 trillion in Q4 2023 and an 8.57% rise from N15.28 trillion in Q3 2024. While imports surged across multiple categories, mineral product imports declined, falling from N5.84 trillion in Q3 2024 to N4.92 trillion in Q4 2024, indicating reduced reliance on imported mineral fuels.
Agricultural imports climbed to N1.09 trillion, reflecting a 53.4% year-on-year increase, while raw material imports surged to N2.11 trillion, marking a 118.2% rise. Manufactured goods imports saw a notable increase, reaching N8.47 trillion—113.3% higher than Q4 2023.
China maintained its position as Nigeria’s largest import source, contributing N4.61 trillion, or 27.8% of total imports. India followed with N1.90 trillion, while Belgium, the United States, and France recorded import values of N1.39 trillion, N1.06 trillion, and N601.28 billion, respectively.
Trade with African countries remained steady, with total exports reaching N2.04 trillion and imports standing at N514.96 billion, accounting for just 3.1% of total imports. Within ECOWAS, Nigeria’s exports amounted to N1.18 trillion, while imports from the region were valued at N77.1 billion.
Ivory Coast emerged as Nigeria’s top ECOWAS trade partner, followed by Senegal, Togo, Ghana, and Benin Republic. Key exports to ECOWAS included petroleum oils, electrical energy, and cigarettes, while major imports comprised crude palm oil and petroleum bitumen.
The report highlighted that 98.8% of Nigeria’s exports in Q4 2024 were transported via sea, with Apapa Port handling 89.6% of outbound shipments. Air and road transport accounted for minimal shares of exports. On the import side, maritime transport also dominated, comprising 90.2% of total inbound shipments. Apapa Port remained the primary entry point for imported goods.
While Nigeria’s trade witnessed strong overall growth in Q4 2024, the decline in trade surplus highlights the country’s increasing dependence on imports. With crude oil still dominating exports, diversification efforts in the agricultural and solid minerals sectors have shown promise.
However, rising imports continue to pose challenges to the trade balance, emphasizing the need for policies that boost local production and reduce reliance on foreign goods.
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