The National Bureau of Statistics (NBS) has reported that refined petroleum products remained Nigeria’s top imports in the third quarter of 2024, despite the country’s increasing local refining capacity.
This was revealed in the latest Foreign Trade in Goods Statistics Q3 2024 report, which was published on the NBS website.
According to the report, petrol and diesel dominated Nigeria’s imports during the period. The data shows that the country spent N3.3 trillion on petrol imports and N1.33 trillion on diesel imports.
It shows that petrol accounted for 22.63% of total imports valued at N14.67 trillion, while diesel contributed 9.07%. Overall, imports (including other products) represented 41.73% of total trade during the quarter.
Total imports in Q3 2024 increased by 62.3% compared to the N9 trillion recorded in the corresponding quarter of 2023.
Similarly, crude oil continued to dominate Nigeria’s export trade in Q3 2024.
Crude oil exports were valued at N13.4 trillion, making up 65.44% of total exports, while non-crude oil exports stood at N7.08 trillion, accounting for 34.56%.
Liquefied natural gas (LNG) exports were valued at N2.1 trillion, representing 10.29% of total exports. Meanwhile, non-oil products contributed N2.5 trillion, making up 12.21% of total exports.
Nigeria’s total merchandise trade in Q3 2024 stood at N35.1 trillion, reflecting an 81.35% year-on-year increase compared to the same period in 2023 and a 13.26% rise from Q2 2024.
The report further indicates that exports accounted for 58.27% of total trade, with a value of N20.49 trillion. This represents a 98% increase compared to N10.3 trillion in Q3 2023 and a 16.76% increase from the N17.5 trillion recorded in Q2 2024.
Nigeria recorded a trade surplus of N5.8 trillion in Q3 2024, an increase of 43.60% from the preceeding quarter.
In a recent report by the Nigerian Economic Summit Group (NESG), Nigeria posted an impressive N15.1 trillion trade surplus in the first nine months of 2024. This was driven by a 122.1% increase in crude oil exports over the period.
NESG also notes that Nigeria’s oil production rose from 1.47 million barrels per day (bpd) in 2023 to 1.55 million bpd in 2024, marking the first increase in four years.
The rise in oil export earnings has strengthened Nigeria’s external sector, contributing to improved economic stability.
