National Telescope national telescope newspaper
Nigeria has recorded a significant trade surplus of N6.94 trillion in the second quarter of 2024, according to the National Bureau of Statistics (NBS).
The NBS reported that the country’s exports totalled N19.41 trillion, while imports stood at N12.47 trillion, resulting in a trade surplus of N6.94 trillion.
“This is a positive indicator of Nigeria’s economic growth and diversification efforts,” said Dr. Simon Harry, an economist. “The increase in exports, particularly in non-oil products, is a step in the right direction.”
The NBS also reported that crude oil exports dominated trading activities in the second quarter of 2024, accounting for 74.98% of total exports.
“However, it’s important to note that the country’s reliance on crude oil exports still poses a risk to the economy,” said Dr. Harry. “Diversification efforts must continue to ensure sustainable economic growth.”
The top export destinations for Nigeria in Q2 2024 were Spain, the United States, France, India, and the Netherlands, while China remained the country’s major trading partner, accounting for 24.29% of imported goods.
