Nigerian traders imported N22.8 billion worth of apples, crude palm oil, and sweetened cocoa powder in the first quarter of this year, according to foreign trade data from the National Bureau of Statistics (NBS).
Based on the NBS data, Nigerian traders imported crude palm oil valued at N7.42 billion. Additionally, they purchased apples worth N6.33 billion. Items classified as fractions of palm oil and its derivatives, not suitable for human consumption, worth N5.15 billion, were also imported, along with sweetened cocoa powder valued at N3.99 billion.
Nigeria’s total trade volume surged to N31.81 trillion at the end of Q1 2024, marking a 145.58% increase compared to the N12.95 trillion recorded in the corresponding period of 2023.
The first-quarter 2024 total trade consists of N12.64 trillion in imports and N19.17 trillion in exports, resulting in a positive trade balance of N6.52 trillion.
On an annual basis, imports grew by 95.5%, as the country imported N12.64 trillion worth of goods in Q1 2024 compared to N6.47 trillion in Q1 2023. Exports grew by 195.5%, with N19.2 trillion worth of goods exported in Q1 2024 versus N6.49 trillion in Q1 2023.
The trade balance remained positive in both Q1 2024 and Q1 2023. While the trade balance was N6.52 trillion at the end of Q1 2024, it was N20.94 billion in the comparable period of 2023.
Crude oil sales topped the export chart in Q1 2024, with Nigeria earning N15.49 trillion from crude oil sales, representing 80.80% of the total export value for the quarter. Natural gas generated the second-highest export earnings for Nigeria in the first quarter, with N1.68 trillion from sales, accounting for 8.65% of the export earnings.
Sesame seeds worth N247.75 billion were exported during the quarter, emerging as the third-highest earning export goods and becoming the highest-earning non-oil product. This accounted for 1.29% of Nigeria’s export earnings during the reference period.
Urea occupied the fourth position in terms of export earnings, generating 1.25% of the total export earnings during the quarter. Superior quality cocoa beans ranked fifth, generating N230.85 billion and accounting for 1.20% of the total export earnings.
On the import side, refined petroleum products constituted the majority of goods imported by Nigeria in the first quarter of this year. Valued at N2.63 trillion, refined petroleum products accounted for 20.84% of Nigeria’s imports during the quarter.
Gas oil imports were worth N1.19 trillion, representing 9.46% of Nigeria’s total import values. Durum wheat valued at N519.75 billion was imported during the first quarter, accounting for 4.11% of the country’s imports.
Cane sugar imports were worth N235.85 billion, accounting for 1.87% of first-quarter imports. Additionally, liquefied petroleum gases valued at N194.68 billion were imported, representing 1.54% of the country’s total imports within the first three months of this year.
France, Spain, the Netherlands, India, and the United States were the top five destinations for Nigeria’s exports during the quarter. Goods worth N2.13 trillion were exported to France, N2.02 trillion to Spain, N1.69 trillion to the Netherlands, N1.61 trillion to India, and N1.31 trillion to the United States.
Conversely, goods worth N2.93 trillion were imported from China, N1.07 trillion from India, N1.01 trillion from the United States, N955.96 billion from Belgium, and N591.55 billion from the Netherlands.
Apapa Ports in Lagos State dominated the nation’s international trade during the first quarter, accounting for 94.3% of export trade and 58.45% of import transactions during the first three months of this year.
