In a historic stride toward economic stability and growth, Nigeria recorded a trade surplus of ₦5.81 trillion in the third quarter of 2024. This milestone, reported by the National Bureau of Statistics (NBS), highlights the country's ability to capitalize on its natural resources while diversifying its revenue streams.
The nation's export earnings soared to ₦20.49 trillion, nearly doubling the figures from the same period in 2023. A key driver of this performance was the oil and gas sector, with crude oil exports contributing ₦13.41 trillion, a 57.06% increase compared to ₦8.54 trillion in Q3 2023. The non-oil sector, often overshadowed by oil, made an unprecedented leap, with exports rising by 301.87% to ₦884.07 billion. This growth is attributed to increased global demand for Nigerian agricultural produce, minerals, and manufactured goods.
Imports also saw significant growth, amounting to ₦14.67 trillion, a 62.30% increase from ₦9.04 trillion in Q3 2023. Manufactured goods led the charge with a 76.44% rise to ₦6.98 trillion, reflecting Nigeria's dependence on foreign machinery and finished products to support its industrial sector. Similarly, raw material imports rose by 66.11% to ₦1.58 trillion, underscoring the country’s efforts to sustain local production and processing industries.
Experts believe these figures signify a positive turn for Nigeria's trade balance, with exports outpacing imports. However, concerns persist about the sustainability of this growth, particularly given the volatile nature of oil prices. The significant rise in non-oil exports has been widely praised, signaling progress in the government’s drive to diversify the economy.
This achievement is also seen as a testament to policy reforms implemented under President Bola Ahmed Tinubu's administration. Analysts credit initiatives aimed at improving the ease of doing business, enhancing infrastructure, and attracting foreign investments as key contributors to the economic rebound.
Despite the commendable trade surplus, challenges remain. Nigeria continues to grapple with a high import dependency, especially in the manufacturing sector, which poses risks to long-term growth. Policymakers are urged to focus on strengthening local industries, reducing the import burden, and addressing trade barriers that limit Nigeria's access to global markets.
As the nation heads into the fourth quarter of 2024, the outlook is optimistic. The trade surplus not only positions Nigeria as a major player in global trade but also provides an opportunity for the country to channel its earnings toward infrastructure development, poverty alleviation, and job creation. This historic surplus is a call to action for sustainable economic policies that ensure inclusive growth for all Nigerians.
Tags
News