The National Bureau of Statistics (NBS) recently released its Q1 2024 Foreign Trade Statistics, presenting a detailed view of Nigeria’s trade dynamics during the first quarter of the year.

    The report provides valuable insights into the country’s trade performance, highlighting key trends, trading partners, and modes of transport.

    Trade Balance and Key Figures

    In Q1 2024, Nigeria’s total trade value reached impressive figures, with exports significantly outweighing imports. The country recorded a strong trade surplus, driven primarily by substantial exports in key sectors.

    Top Export Products

    Nigeria’s top export products continue to be dominated by petroleum-related goods. Crude oil remains the cornerstone of Nigeria’s export economy, contributing the lion’s share of export revenue. In addition to crude oil, liquefied natural gas (LNG) and various petroleum gases are notable contributors. The export of these commodities underscores Nigeria’s role as a critical player in the global energy market.

    Major Trading Partners

    China, India, and the Netherlands emerged as Nigeria’s top trading partners in Q1 2024. China remains the largest importer of Nigerian goods, reflecting the strong economic ties between the two nations. India follows closely, driven by its substantial demand for Nigerian crude oil. The Netherlands also plays a significant role, particularly in the importation of petroleum products.

    Imports Overview

    On the import side, Nigeria saw a diverse range of goods entering the country. Machinery, pharmaceuticals, and chemical products were among the leading imports. Notably, Nigeria imported a considerable amount of herbicides and other agricultural chemicals from China, highlighting the ongoing need for agricultural support products in the country.

    Mode of Transport

    Maritime transport continues to dominate Nigeria’s trade logistics. According to the NBS report, a staggering 99.25% of the country’s exports were shipped via maritime routes. This reliance on maritime transport is indicative of Nigeria’s strategic position along key shipping routes and its well-developed port infrastructure.

    Trade by Ports

    The report also sheds light on the performance of various ports. Apapa Port stands out as the primary gateway for Nigeria’s exports, handling 94.29% of the total export value. Tin Can Island follows as the second busiest port, albeit with a significantly smaller share.

    Wrapping up

    Nigeria’s Q1 2024 trade performance highlights the country’s robust export sector, especially in energy commodities. The strong trade relationships with China, India, and the Netherlands emphasize Nigeria’s strategic importance in global trade. Furthermore, the dominance of maritime transport and the pivotal role of Apapa Port underline the critical infrastructure supporting Nigeria’s trade activities.

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    National Bureau of Statistics (NBS), Nigeria Q1 2024 Foreign Trade Statistics.