Nigeria recorded $18.75 billion trade surplus in the first eleven months of 2024 (11m’24).
This represents a 26.4 percent year-on-year (YoY) increase when compared with $14.83 billion recorded in the corresponding period of 2023.
Breakdown of the Central Bank of Nigeria, CBN, Monthly Economic Report for the review period showed that exports fell by 1.98 percent YoY to $51.18 billion from $52.23 billion in the same period of 2023.
Similarly, imports fell by 13 percent to $33.56 billion in 11m’24 from $38.58 billion in 11m’23.
The CBN, in the report, stated: “Provisional data revealed an increase in the trade surplus to $1.33 billion, from $1.13 billion in October 2024.
“Export receipts rose by 3.44 per cent to $4.51 billion, from US$4.36 billion in the preceding month, driven by higher exports of both crude oil and non oil products.
“Import bills, however, declined by 2.45 per cent to $3.18 billion from $3.26 billion in October 2024, due to lower importation of petroleum products.
“Analysis of export by composition showed that crude oil and gas exports, accounted for 86.27 per cent of total export receipts, while non-oil exports, accounted for the balance.
“In terms of import, non-oil imports accounted for 65.02 per cent, with oil import accounting for the balance.
“Oil export earnings increased, driven by a significant increase in domestic crude oil production.
“Provisional data showed that total receipts from crude oil and gas exports increased to $3.89 billion, from $3.74 billion in October 2024.
“Non-oil export earnings increased in November 2024, driven, majorly by higher receipts from the export of agricultural commodities.
“Non-oil export earnings increased by 0.72 per cent to US$0.62 billion, relative to the level in October 2024.
“Merchandise import decreased, due to a decline in oil and non-oil imports.
“Provisional data showed that the value of total import declined by 2.45 per cent to $3.18 billion, from $3.26 billion in October 2024.”
Vanguard
