By Elizabeth Adegbesan

Nigeria recorded a 209.6 per cent increase in its trade surplus to N18.86 trillion in 2024 from N6.09 trillion in 2023.

The National Bureau of Statistics, NBS, disclosed this in its Foreign Trade statistics report for the fourth quarter of 2024 (Q4’24).

According to the bureau, total merchandise trade stood at N138 trillion in 2024 rising by 55 per cent YoY from N88.8 trillion in 2023.

This consisted of imports valued at N60.6 trillion, up by 96 per cent, YoY from N30.86 trillion in 2023, while exports rose 115 per cent YoY to N77.4 trillion from N35.96 trillion in 2023.

Further analysis of data contained in the report showed that Nigeria’s trade with the Economic Community of West African States (ECOWAS) member states rose by 159.8 per cent year-on-year (YoY) to N6.08 trillion in 2024 from N2.34 trillion in 2023.

The data showed that exports to ECOWAS rose by 161 per cent YoY to N5.64 trillion in 2024 from N2.17 trillion in 2023.

Similarly, the value of imports from ECOWAS grew by 160.7 percent YoY to N438.56 billion in 2024 from N168.22 billion in 2023.

Further analysis of quarterly trend showed that the country’s trade with ECOWAS stood at N1.4 trillion in the first quarter of 2024 (Q1’24), rose by 31.4 per cent to N1.84 trillion in Q2’24 but fell by 12 per cent to N1.62 trillion in Q3’24 and also by 22.8 per cent to N1.2 trillion in Q4’24.

NBS said: “Exports to ECOWAS member states totaled N1.2 trillion while imports amounted to N77.10 billion.




https://www.vanguardngr.com/2025/03/nigerias-trade-surplus-rises-209-to-n18-86-trn-in-2024/