The National Bureau of Statistics (NBS) reported on Thursday that Nigeria’s total merchandise trade amounted to N31,892.46 billion in the second quarter of 2024.
This figure represents a 3.76% decrease compared to the previous quarter but shows a substantial 150.39% increase compared to the same period in 2023.
In the quarter under review, the NBS said exports comprised 60.89% of the total trade, valued at N19,418.93 billion, which it said marked a marginal increase of 1.31% from the N19,167.36 billion recorded in Q1 2024 and a remarkable 201.76% rise from N6,435.13 billion in Q2 2023.
The NBS report highlighted that crude oil exports continued to dominate Nigeria’s export trade.
It explained that in the second quarter of 2024, crude oil exports were valued at N14,559.56 billion, representing 74.98% of total exports.
The NBS added that non-crude oil exports stood at N4,859.37 billion, accounting for 25.02% of total exports, saying that within this category, non-oil products contributed N1,944.25 billion, or 10.01% of total exports.
PM News
