NBS Report: Nigeria records trade surplus surge

Nigeria’s trade surplus reached an impressive N5.81 trillion in the third quarter of 2024, according to the latest foreign trade statistics released on Friday. This marks a significant milestone for the country’s economy.

The data, provided by the National Bureau of Statistics (NBS), reveals that Nigeria’s total trade volume surged to a record-breaking N138 trillion in Q3 2024, the highest in the nation’s history.

This represents a remarkable 106% increase compared to the same period in the previous year. In dollar terms, the trade volume stands at approximately $89.9 billion, reflecting a notable 22.1% growth when adjusted for currency fluctuations.

This was seen in a statement on the X handle of the Special Adviser, Media and Public Communication/Spokesperson to the President, on Friday, 14th of March 2025.

The statement reads:

“Nigeria’s trade surplus stood at N5.81 trillion in the third quarter of 2024, according to the latest foreign trade statistics report released this Friday.

“Data from the National Bureau of Statistics (NBS) shows that Nigeria recorded a total trade volume of N138 trillion, the highest in the country’s history, representing a 106% increase compared to the previous year. This translates to $89.9 billion in dollar terms, suggesting a total surge of 22.1% in 2024 when dollarized.

“Equally, Non-oil exports hit a four-year high: Non-oil exports reached $5.9 billion in 2024, the highest level since 2020 in both naira and dollar terms. Nigeria’s non-oil exports largely consist of agricultural and mineral products, with Africa being a key export destination.” [CONTINUE READING HERE]>>>>>