Thu Sep 12 08:51:57 UTC 2024: ## Nigeria’s Trade Surges in Q2 2024, Driven by Oil Exports

**Abuja, Nigeria -** Nigeria’s foreign trade experienced a significant jump in the second quarter of 2024, according to the latest report released by the National Bureau of Statistics (NBS). The total value of merchandise trade reached N31.892 billion, marking a 150.39% increase compared to the same period in 2023.

While this represents a slight decrease of 3.76% from the first quarter of 2024, the overall growth remains a positive indicator for the Nigerian economy.

Exports dominated trade, accounting for N19.418 billion (60.89% of total trade), with imports reaching N12.473 billion. Crude oil exports, valued at N14.559 billion, made up a substantial 74.98% of total exports, highlighting the continued reliance on oil revenue. Non-crude oil exports contributed N4.859 billion (25.02% of total exports).

Spain, the United States, France, India, and the Netherlands emerged as Nigeria’s top export partners in Q2 2024. China remained Nigeria’s primary trading partner on the import side, followed by Belgium, India, the United States, and the Netherlands.

“This significant growth in trade is a positive indicator for Nigeria’s economy,” stated the NBS report, emphasizing the opportunities for economic growth and development presented by these trade dynamics.

Read More