Nigeria’s total merchandise trade for Q3 2024 stood at N35.16 trillion, reflecting an 81.35% increase compared to Q3 2023 and a 13.26% rise from the previous quarter, latest foreign trade data from National Bureau of Statistics NBS released on Friday confirmed.
“This represents an increase of 81.35% compared to the value recorded in the corresponding period of 2023 and a rise of 13.26% over the value recorded in the preceding quarter”, said NBS.
In the quarter under review, exports accounted for 58.27% of total trade with a value of N20,486.39 billion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (N10,346.60) and 16.76% compared to the value recorded in Q2 2024 (N17,545.62).
Nigeria’s exports trade continued to be dominated by crude oil exports, in the third quarter of 2024, crude oil export was valued at N13, 406.37 billion representing 65.44% of total exports while the value of non-crude oil exports stood at N7, 080.02 billion accounting for 34.56% of total exports; of which non-oil products contributed N2, 501.85 billion or 12.21% of total exports.
On the other hand, the share of imports accounted for 41.73% of total trade in the third quarter of 2024 with the value of imports amounting to N14, 674.05 billion in Q3, 2024. This value indicates an increase of 62.30% compared to the value recorded in Q3 2023 (N9, 041.24 billion) and 8.71% over the value recorded in Q2 2024 (N13, 497.90 billion). The merchandise trade balance for Q3 2024 remained positive at N5, 812.34 billion indicating an increase of 43.60% compared to the value recorded in the preceding quarter.
Meanwhile, the Minister of Budget and Economic Planning Abubakar Atiku Bagudu, has urged Nigerians to be patient as the darkest moments are over for the economy.
Admitting that the reforms by the present administration were painful, Bagudu whose ministry is saddled with the responsibility of driving President Bola Ahmed Tinubu’s policies to drive growth described the reforms as necessary. He urged citizens to be patient adding they are necessary at this time.
More than one year at the helms of the ministry, the minister said the darkest days for the economy are over. On the assumption of Nigeria leadership 29th May, 2023.
