Nigeria has achieved an impressive trade surplus of $18.75 billion in the first eleven months of 2024, reflecting a 26.4% year-on-year increase compared to the $14.83 billion surplus recorded in 2023.
According to the Central Bank of Nigeria’s (CBN) Monthly Economic Report, exports in the period declined by 1.98%, dropping to $51.18 billion from $52.23 billion in the same period of 2023. However, imports also fell by 13%, down to $33.56 billion from $38.58 billion.
In November alone, the trade surplus increased to $1.33 billion from $1.13 billion in October. Exports rose by 3.44% to $4.51 billion, driven by higher earnings from crude oil and non-oil products. Conversely, import bills dropped by 2.45%, totaling $3.18 billion, due to a reduction in petroleum imports.
Crude oil and gas exports dominated, accounting for 86.27% of total export receipts, while non-oil exports made up the remainder. Non-oil exports saw a modest increase, up by 0.72% to $0.62 billion, largely due to higher agricultural commodity exports.
Overall, Nigeria’s trade performance signals positive growth, with notable improvements in both oil and non-oil sectors.
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