Recent report published by the National Bureau of Statistics (NBS) has revealed that Nigeria’s total merchandise trade stood at N31.81 trillion in Q1, 2024. This 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 trillion, showing an increase of 51.00% compared to the value recorded in Q4 2023 (N12.693 trillion) and by 195.47% over the value recorded in the first quarter of 2023 (N6.487 trillion).
Exports trade in the first quarter of 2024 was dominated by crude oil exports valued at N15.487 trillion representing 80.80% of total exports while the value of non-crude oil exports stood at N3.681 trillion accounting for 19.20% of total exports; of which non-oil products contributed N1.779 trillion or 9.28% of total exports.