Nigeria's Trade Surplus Hits N5 Trillion

The National Bureau of Statistics most recent statistics show that Nigerias third quarter 2024 trade surplus was N5.81 trillion, indicating a sharp increase in export revenue.

Nonetheless, the Q3 2024 surplus is significantly less than the N6.95 trillion trade surplus from the prior quarter.

Nigerias merchandise trade for the third quarter of this year was valued at N35.16 trillion, according to the NBSs international trade statistics report released on Friday. This represents an increase of 23.26 per cent from the previous quarter and 81.35 per cent from the same period in 2023.

Between Q3 2023 and Q4 2023, total exports increased by 98.00 per cent to N20.49 trillion.

This represents a 16.76 gain over the N17.55 trillion in the previous quarter, Q2 2024.