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Nigeria’s exports of goods declined by 2.55 percent in the fourth quarter (Q4) of 2024, reaching a total value of N20,014.33 billion, down from N20,537.17 billion in the previous quarter (Q3).
In contrast, the country’s imports saw an increase of 8.57 percent, rising to N16,590.51 billion in Q4 2024 from N15,281.18 billion recorded in Q3.
These figures are based on foreign trade data for Q4 2024, released by the National Bureau of Statistics (NBS).
The total value of Nigeria’s merchandise trade—comprising exports and imports—stood at N36,604.83 billion during the period, reflecting a 2.20 percent increase from the N35,818.35 billion recorded in the previous quarter.
According to the NBS, Nigeria’s most exported goods in Q4 included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior quality cocoa beans, and urea, whether or not in aqueous solution.
On the import side, the most traded commodities included motor spirit ordinary, gas oil, and cane sugar intended for sugar refineries. Other notable imports during the quarter were components for airplanes, helicopters, or unmanned aircraft, along with photovoltaic cells not yet assembled into modules or panels.
Further analysis of trade data showed that Nigeria’s top five export destinations in Q4 were the Netherlands, France, Spain, India, and Indonesia. The key exports to these countries remained crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior quality cocoa beans, and urea.
Meanwhile, China retained its position as Nigeria’s leading trading partner for imports in Q4 2024, followed by India, Belgium, the United States, and France.
