Mkpoikana Udoma
Port Harcourt — Crude oil exports surged to N13.41 trillion in the third quarter of 2024, accounting for 65.44% of Nigeria’s total exports and propelling the country’s merchandise trade to an unprecedented N35.16 trillion, the National Bureau of Statistics, NBS has said.
The value of crude oil exports reflected a sharp increase in global demand, rising by 98% from Q3 2023 and 16.76% from the previous quarter (Q2 2024).
Non-crude oil exports, valued at N7.08 trillion, contributed the remaining 34.56%, with non-oil products alone accounting for N2.50 trillion or 12.21% of total exports.
Overall, Nigeria’s total merchandise trade surged to N35.16 trillion in the third quarter of 2024, representing an 81.35% increase compared to the same period in 2023, according to the NBS.
Exports dominated the trade figures, accounting for 58.27% of total trade with a value of N20.49 trillion, marking a 98% rise from Q3 2023 (N10.35 trillion) and a 16.76% increase from the preceding quarter.
Imports, which accounted for 41.73% of total trade, were valued at N14.67 trillion, reflecting a 62.30% increase from Q3 2023 and an 8.71% rise compared to Q2 2024.
The nation’s trade balance remained positive at N5.81 trillion, a 43.60% increase from the preceding quarter, showcasing strong export performance despite rising import figures.
The surge in crude oil exports underscores Nigeria’s reliance on oil as the mainstay of its economy, even as the government struggles with measures to enhance the contribution of non-oil sectors.
