September 12, 2024/United Capital Report

According to the Q2-2024 Foreign Trade Statistics Report released by the National Bureau of Statistics (NBS), Nigeria’s total trade merchandise printed at N31.9tn, down 3.8% q/q compared to its N33.1tn print in Q1-2024. However, on a yearly basis, the country’s total trade climbed by 150.4% y/y from the N12.7tn recorded in Q2-2023. The y/y increase was primarily driven by improved trading activities in Q2-2024 compared to Q2-2023 when the economy was impacted by the 2023 electioneering activities and the Naira redesign policy.

For context, economic activities, in terms of real GDP, improved in Q2-2024 to 3.19% y/y from 2.51% y/y in Q2-2024. That said, Nigeria’s trade surplus widened to N6.9tn, up 33.6% q/q and 5115.0% y/y from N5.2tn and N133.2bn in Q1-2024 and Q2-2023, respectively, due to faster growth of export bills.

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