Nigeria Records Monumental Export Growth in Q3 2024 Amid Rising Imports

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There has been a quantum leap in Nigeria’s foreign trade in the third quarter, (Q3) of 2024, with the total trade volume standing at ₦35.16 trillion. This marks an 81.35% increase compared to Q3 2023 and a 13.26% rise over Q2 2024. Exports dominated the trade landscape, accounting for 58.27% of total trade, valued at ₦20.49 trillion. The export growth, driven primarily by crude oil, represented a 98% increase from Q3 2023 and a 16.76% rise from the preceding quarter. Non-crude oil exports contributed ₦7.08 trillion, making up 34.56% of total exports.
Crude oil remained the dominant export, valued at ₦13.41 trillion, reflecting a 57.06% increase year-on-year. Non-oil exports, led by agricultural and manufactured goods, accounted for ₦2.50 trillion. Spain emerged as Nigeria’s largest export destination, followed by the United States, France, the Netherlands, and Italy.
On the import side, Nigeria recorded a total of ₦14.67 trillion, representing a 62.30% increase from Q3 2023 and an 8.71% rise from Q2 2024. The leading import categories included mineral fuels, machinery, and chemicals, with China maintaining its position as the top import partner. Other significant import sources were India, Belgium, the United States, and Malta.
Agricultural trade also showed robust growth. Agricultural exports surged to ₦884.07 billion, a staggering 301.87% increase from Q3 2023. Key commodities included cocoa beans and sesamum seeds, with Europe and Asia being the major export destinations. Meanwhile, agricultural imports stood at ₦882.24 billion, reflecting a 37.06% year-on-year increase.
Manufactured goods exports saw a remarkable rise, reaching ₦1.04 trillion—a 419.93% increase from Q3 2023. Imports in this sector, including vehicles and medicaments, totaled ₦6.98 trillion. Solid mineral exports also increased by 86.58% year-on-year, valued at ₦77.64 billion, driven by tin ores and cement clinkers.
Trade with African countries accounted for ₦2.49 trillion in exports and ₦512.56 billion in imports, while trade with ECOWAS countries amounted to ₦1.54 trillion in exports and ₦82.05 billion in imports. Petroleum products dominated exports to these regions, emphasizing Nigeria’s critical role in regional energy supply.
The maritime sector facilitated the bulk of trade, handling over 99% of exports and 93% of imports. Apapa Port retained its dominance, managing 90.22% of total export transactions.
This period highlights Nigeria’s growing trade momentum, supported by a diverse export portfolio and strategic trading partnerships. However, the rising import levels and dependency on crude oil exports call for policies to diversify and sustain trade growth.