Not minding the economic challenges co fronting Nigeria, the country recorded a trade surplus of N6.95 trillion in the second quarter of 2024.
The National Bureau of Statistics in its second d quarter Foreign Trade in goods statistics released yesterday said the result shows the country is doing well in export trade.
The report show the surplus is a 6.60 per cent increase from the previous quarter, which recorded a surplus of N6.52 trillion.
The NBS reports that Nigeria’s total merchandise trade in Q2 2024 stood at N31.89 trillion, representing a 3.76 per cent decline compared to the preceding quarter (Q1 2024) but a 150.39 per rise from the corresponding period in 2023.
According to the report In the quarter under review, exports accounted for 60.89 per cent of total trade with a value of N19,418 trilion, showing a marginal increase of 1.31 per cent compared to the value recorded in Q1 2024 which was N19.167 trillion and a 201.76 per cent rise over the value recorded in the second quarter of 2023 which was N6.435 trillion.
The report says Nigeria’s exports trade continued to be dominated by crude oil exports. in the second quarter of 2024, crude oil export was valued at N14.55 trillion representing 74.98 per cent of total exports while the value of non crude oil exports stood at N4.859 trillion accounting for 25.02 per cent of total exports; of which non-oil products contributed N1.944 trillion or 10.01 per cent of total exports.