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Lagos – Nigeria trade is booming! Numbers jumped to N36.6 trillion in the fourth quarter of 2024. This is a 68.3 percent increase from last year. The NBS shared these numbers. People are asking what caused the surge.
Exports rose 57.7 percent, reaching N20 trillion. Imports increased 83.2 percent, to N16.6 trillion. This shows a big shift in Nigeria’s economy.
Trade was good. But the surplus fell 34.86 percent from last quarter. Imports grew faster than exports. This shows a need for goods from other countries.
Oil is still important. It made up N13.78 trillion of exports (68.9 percent). Non-oil exports added N6.2 trillion (31.1 percent).
The N16.6 trillion import bill tells a story. Nigeria needs manufactured goods and raw materials. China sends the most imports. It sent N4.61 trillion worth of goods (27.8 percent).
Interesting Facts About Trade
Some areas grew fast. Farm exports rose 232 percent to N1.54 trillion! Cocoa, sesame, and cashews did well. Nigeria’s farms are becoming important.
But some areas struggled. Manufactured goods exports fell 52.5 percent to N494.2 billion. This shows problems making goods. Nigeria needs to fix this to keep trade strong.
Most trade happens by sea. Ships carry 98.8 percent of exports and 90.2 percent of imports. Nigeria needs good ports and ships.
