(Ecofin Agency) - Nigeria exported 20.486 trillion Naira ($13.5 billion) worth of goods in Q3 2024, mostly oil, gas, and premium cocoa beans.

Nigeria's trade balance recorded a surplus of 3.423 trillion Naira (about $2.25 billion) in Q4 2024, according to the latest report from the National Bureau of Statistics (NBS) published on March 7.

Nigeria's total merchandise trade stood at ₦36,604.83 billion in Q4, 2024. This represents an increase of 68.32% compared to the value (₦21,747.40) recorded in the corresponding period of 2023 and a rise of 2.20% over the value recorded in the preceding quarter (₦35,818.35).… pic.twitter.com/X8cDSoc6ro

— NBS Nigeria (@NBS_Nigeria) March 7, 2025

The value of exports in this period reached 20.014 trillion Naira, a significant increase of 57.67% compared to 12.693 trillion Naira in the same period of 2023. Key exports included crude oil, liquefied natural gas, high-quality cocoa beans, and urea. The country's top export partners were the Netherlands, France, Spain, India, and Indonesia.

Imports also saw a sharp rise, increasing by 83.24% YoY in Q4 2024, from 9.053 trillion Naira to 16.590 trillion Naira. Among the most imported goods were regular gasoline, diesel, and raw sugar for refining. China led the way as the main import partner, followed by India, Belgium, the United States, and France.

Nigeria’s exports to African countries amounted to 2.042 trillion Naira, while imports from the continent were 514 billion Naira. South Africa, Côte d'Ivoire, Senegal, Cameroon, and Togo were the main destinations for Nigerian exports.

Within the Economic Community of West African States (ECOWAS), Nigeria’s main export partners were Côte d'Ivoire, Senegal, Togo, Ghana, and Benin. Trade within the community totaled 1.175 trillion Naira for exports and 77.1 billion Naira for imports.

This positive trade performance comes as Nigeria’s foreign reserves saw a slight increase, reaching $40.88 billion by November 21, 2024, up from $40.06 billion at the end of October. These reserves are enough to cover 17 months of imports.

For Q4 2024, Nigeria’s total trade amounted to 36.604 trillion Naira, reflecting a 2.2% increase from the previous quarter and a remarkable 68.32% YoY rise.