Nigeria has achieved a significant trade surplus of $18.75 billion in the first eleven months of 2024, representing a 26.4% year-on-year increase compared to the same period in 2023.
According to the Central Bank of Nigeria’s Monthly Economic Report, exports fell by 1.98% to $51.18 billion, while imports decreased by 13% to $33.56 billion. The report highlights that crude oil and gas exports accounted for 86.27% of total export receipts, with non-oil exports making up the remaining balance.
The trade surplus increased to $1.33 billion in November 2024, up from $1.13 billion in October 2024. Export receipts rose by 3.44% to $4.51 billion, driven by higher exports of crude oil and non-oil products. In contrast, import bills declined by 2.45% to $3.18 billion due to lower importation of petroleum products.
This development is a positive indication of Nigeria’s economic growth, following a significant increase in domestic crude oil production. The country’s trade surplus has been steadily increasing, with a record trade surplus reported in the second quarter of 2024.
Experts attribute the growth to a combination of factors, including the expansion of exports, financial development, and the crucial role of the energy sector in driving economic growth. To sustain this growth, Nigeria is expected to focus on diversifying its economy, developing its financial sector, and investing in energy and infrastructure.
