July 21, 2024
Nigeria Records N6.5trn Trade Surplus In Q1 2024
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Nigeria Records N6.5trn Trade Surplus In Q1 2024

The National Bureau of Statistics (NBS) says Nigeria recorded a N6.5 trillion trade surplus between January and March of 2024.

The Bureau made this known in its foreign trade report for the first quarter (Q1) of 2024 on Sunday.

In the first quarter of the year, the NBS said Nigeria’s exports totalled N19.1 trillion and total imports stood at N12.6 trillion — indicating a trade surplus of N6.5 trillion.

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A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh the country’s imports.

The exports trade in the first quarter of this year was dominated by crude oil exports valued at N15.48 trillion, representing 80.80 percent of total exports while the value of non-crude oil exports stood at N3.68 trillion accounting for 19.20 percent of total exports; of which non-oil products contributed N1.7 trillion or 9.28 of total exports.

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