Nigeria’s goods exports decreased by 2.55 percent in Quarter Four (Q4) 2024 to a value of N20,014.33 billion from N20,537.17 billion in Q3 of the same year.
In contrast, the country’s imports rose by 8.57 percent to N16,590.51 billion in Q4 2024, compared with the value recorded in Q3 2024 (N15,281.18 billion).
This is according to the National Bureau of Statistics’ (NBS) foreign trade data for Q4 2024.
A combined figure of exports and imports made Nigeria’s total merchandise stand at N36,604.83 billion in the quarter under review, a rise of 2.20 percent compared to the value recorded in the preceding quarter (N35,818.35 billion).
According to the NBS, the most exported goods in Q4 included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior quality cocoa beans, and urea, whether or not in aqueous solution.
On the import side, the most traded commodities imported during the quarter were motor spirit ordinary, gas oil, and cane sugar meant for sugar refineries.
Other imports included parts of airplanes, helicopters, or unmanned aircraft, as well as photovoltaic cells not assembled in modules or made up into panels.
A further analysis showed that in Q4, Nigeria’s top five export trading partners were the Netherlands, France, Spain, India, and Indonesia. The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior quality cocoa beans, and urea, whether or not in aqueous solution.
Meanwhile, China remains Nigeria’s highest trading partner on the import side in Q4 2024, followed by India, Belgium, the United States of America, and France.
Nigeria’s exports decline as imports soar in Q4 2024 – NBS
