Nigeria recorded a trade surplus of $18.75 billion in the first eleven months of 2024 (11m’24), reflecting a 26.4 percent year-on-year growth compared to the $14.83 billion surplus posted during the same period in 2023.
A breakdown of data from the Central Bank of Nigeria’s Monthly Economic Report for the period under review shows that while exports declined by 1.98 percent YoY to $51.18 billion, down from $52.23 billion in 2023, imports also fell significantly by 13 percent, dropping to $33.56 billion from the $38.58 billion recorded in the corresponding period of the previous year.
The CBN report highlighted that the trade surplus saw a month-on-month increase, stating, “Provisional data revealed an increase in the trade surplus to $1.33 billion, from $1.13 billion in October 2024.”
A rise in export earnings contributed to this development, as the report noted, “Export receipts rose by 3.44 per cent to $4.51 billion, from US$4.36 billion in the preceding month, driven by higher exports of both crude oil and non-oil products.”
Conversely, the country’s import expenditure declined during the period, largely due to reduced petroleum product imports.
According to the CBN: “Import bills, however, declined by 2.45 per cent to $3.18 billion from $3.26 billion in October 2024, due to lower importation of petroleum products.”
A closer look at export composition revealed that crude oil and gas remained dominant in Nigeria’s foreign trade.
“Analysis of export by composition showed that crude oil and gas exports accounted for 86.27 per cent of total export receipts, while non-oil exports accounted for the balance,” the report stated.
On the import side, non-oil imports made up the majority of the country’s purchases. The report further disclosed, “In terms of import, non-oil imports accounted for 65.02 per cent, with oil import accounting for the balance.”
The increase in oil export earnings was attributed to higher crude oil production. The CBN’s provisional data indicated,“Oil export earnings increased, driven by a significant increase in domestic crude oil production. Provisional data showed that total receipts from crude oil and gas exports increased to $3.89 billion, from $3.74 billion in October 2024.”
Additionally, non-oil exports experienced a slight uptick, mainly due to stronger agricultural commodity exports.
The report highlighted., “Non-oil export earnings increased in November 2024, driven, majorly by higher receipts from the export of agricultural commodities. Non-oil export earnings increased by 0.72 per cent to US$0.62 billion, relative to the level in October 2024.”
Overall, a reduction in both oil and non-oil imports contributed to the drop in total merchandise imports.
The CBN noted, “Provisional data showed that the value of total import declined by 2.45 per cent to $3.18 billion, from $3.26 billion in October 2024.”
