Nigeria has posted a trade surplus of N6.95 trillion in the second quarter of 2024, despite experiencing an overall decline in merchandise trade.
This surplus represents a 6.60% increase from the previous quarter, which recorded a surplus of N6.52 trillion.
The trade performance in Q2 2024 indicates resilience in the face of global economic challenges.
The total value of Nigeria’s merchandise trade for Q2 2024 stood at N31.89 trillion, reflecting a 3.76% decrease compared to the N33.13 trillion recorded in the first quarter of 2024.
Despite this quarter-on-quarter decline, the year-on-year figures show an impressive 150.39% rise compared to the corresponding period in 2023.
This trade performance reflects the combined effects of the fluctuating global commodity market, currency exchange rates, and domestic policy shifts.
While a contraction in overall trade volumes signals certain vulnerabilities, the increase in trade surplus is a positive outcome driven by sustained export activities.
While the trade surplus in Q2 2024 is a positive indicator, Nigeria’s trade sector still faces significant challenges.
The decline in overall merchandise trade suggests that the country’s heavy reliance on oil exports and imports of essential goods needs to be addressed through economic diversification.
Additionally, the government’s ongoing efforts to stabilize the exchange rate and improve foreign exchange availability will play a key role in reducing import pressures and boosting export competitiveness.
