Wed Sep 11 23:40:26 UTC 2024: ## Nigeria’s Foreign Exchange Earnings Soar in Q2 2024 on Strong Exports
**Abuja, Nigeria -** Nigeria’s foreign exchange earnings have surged in the second quarter of 2024, fueled by a robust export performance, according to the National Bureau of Statistics (NBS). The country recorded a trade surplus of N6.95 trillion, reflecting a 6.60% increase from the previous quarter.
The positive trade balance is attributed to a surge in exports, particularly crude oil, which contributed N14.56 trillion to the total export value of N19.42 trillion. This represents a 201.76% year-on-year increase.
Non-crude oil exports also saw a significant rise, reaching N4.86 trillion. The top export partners were Spain, the United States, France, India, and the Netherlands. These five countries accounted for 44.87% of Nigeria’s total exports in Q2 2024.
Despite the strong export performance, imports did experience a decline in Q2 2024, reaching N12.47 trillion. This represents a 10.71% decrease from the previous quarter, contributing to the increased trade surplus.
China remains Nigeria’s largest supplier of goods, with imports valued at N3.03 trillion. Belgium, India, the United States, and the Netherlands follow as the top five import partners.
The NBS noted that maritime transport remains the dominant mode of transportation for both exports and imports.
This positive trade balance signifies a promising economic trend for Nigeria, with its export sector playing a crucial role in driving foreign exchange earnings and bolstering the economy.
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