| Abstract |
Nigeria's total merchandise trade stood at ₦35,160.44 billion in Q3, 2024. This represents an increase of 81.35% compared to the value recorded in the corresponding period of 2023 and a rise of 13.26% over the value recorded in the preceding quarter. In the quarter under review, exports accounted for 58.27% of total trade with a value of ₦20,486.39 billion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023
₦10,346.60) and 16.76% compared to the value recorded in Q2 2024 (₦17,545.62).
Nigeria's exports trade continued to be dominated by crude oil exports, in the third quarter of 2024, crude oil export was valued at ₦13,406.37 billion representing 65.44% of total exports while the value of non-crude oil exports stood at ₦7,080.02 billion accounting for 34.56% of total exports; of which non-oil products contributed ₦2,501.85 billion or 12.21% of total exports. |
