Recent report on Foreign Trades in Goods Statistics by the National Bureau of Statistics (NBS) has revealed that
Nigeria’s total merchandise trade stood at N31.892 trillion in Q2 2024 representing a decrease of 3.76% over the value recorded in the preceding quarter and a rise of 150.39% compared to the value recorded in the corresponding period of 2023.
In the quarter under review, exports accounted for 60.89% of total trade with a value of N19.418 trillion, showing a marginal increase of 1.31% compared to the value recorded in Q1 2024 (N19.167 trillion) and a 201.76% rise over the value recorded in the second quarter of 2023 (N6.435 trillion).
Nigeria’s exports trade continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at N14.559 trillion representing 74.98% of total exports while the value of non-crude oil exports stood at N4.859 trillion accounting for 25.02% of total exports; of which non-oil products contributed N1.944. trillion or 10.01% of total exports.