Nigeria’s trade surplus hits N6.95 trillion in Q2 2024 as import weakens 

Nigeria’s trade surplus in Q2 2024 was N6.95 trillion, a 6.60% increase from Q1 2024’s surplus of N6.52 trillion.

The total merchandise trade was N31.89 trillion, a 3.76% decline from Q1 2024 but a 150.39% rise from Q2 2023. Nigeria’s export sector was the primary driver of the trade surplus, with total exports at N19.42 trillion, accounting for 60.89% of the total trade.

Crude oil exports contributed 74.98% of total exports, while non-oil products made up 25.02%. European and American countries were the top export destinations, with Spain, the United States, France, India, and the Netherlands contributing 44.87% of Nigeria’s total exports.

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