Sharp Rise in Imports, Steady Exports Pushed Nigeria’s Foreign Trade to N36.6tn in Q4 2024 – NBS
Nigeria’s foreign trade has witnessed a significant surge, driven by a sharp increase in imports and steady export performance. According to the National Bureau of Statistics (NBS), the country’s total merchandise trade stood at N36.6 trillion in the fourth quarter of 2024, representing a remarkable growth of 68.3%.
The NBS report reveals that imports accounted for a substantial portion of the trade, valued at N25.19 trillion, while exports were recorded at N11.41 trillion in the fourth quarter of 2024. This growth in trade can be attributed to various factors, including the government’s efforts to boost exports and the increasing demand for raw materials.
In terms of imports, Nigeria’s appetite for foreign goods has been on the rise, driven by the country’s growing population and increasing demand for raw materials. The NBS report shows that the country spent N1.48 trillion on raw materials in the second quarter of 2024, a significant increase from N567.80 billion in the same period in 2023.
The steady export performance is also a positive sign for the economy. The NBS report indicates that total exports in the fourth quarter of 2024 increased by 22.68% compared to the third quarter of 2023. This growth in exports can be attributed to the government’s efforts to diversify the economy and promote non-oil exports.
The growth in foreign trade is expected to have a positive impact on the country’s economy, creating jobs and increasing revenue for the government. However, the rise in imports also poses a challenge for the country’s trade balance, highlighting the need for policies that promote local production and reduce dependence on foreign goods.
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