The National Bureau of Statistics (NBS) has revealed that Nigeria recorded a total trade of N31.81 trillion in the first three months of 2024.
According to NBS, the figure represents an increase of 46.27% over the N12.95 trillion trade value recorded in the corresponding period of 2023.
The bureau stated this in its first quarter(Q1) 2024 foreign trade report, released on its website and analysed by TimesNow.com.ng.
A breakdown of NBS data showed that in the first half of 2024, total imports stood at N12.64 trillion.
Export accounted for 60.25% of total trade, as Nigeria sold a total value of N19.16 trillion to different countries.
The major product exported from Nigeria is crude oil, which is valued at N15.4 trillion, while non-crude oil is N3.6 trillion, Punch reports.
Further, TimesNow.com.ng analysis revealed the list of countries buying both crude and non-crude oil products.
With N2.93 trillion worth of goods imported into Nigeria, China ranked highest among the countries selling to Nigeria, followed by India, the United States of America, Belgium, and the Netherlands.
While countries buying Nigerian products include France, Spain, the Netherlands, India, and the United States of America, China is not among the top 10.
TimesNow.com.ng reported that the Nigerian government authorised N308.4 billion in promissory notes to about 199 exporting companies under the Export Expansion Grant (EEG) Scheme.
The executive director and chief executive officer of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, disclosed this as he recently issued letters to scheme beneficiaries.
According to him, N193.4 billion was approved for 133 beneficiaries of the scheme regarding the EEG’s outstanding claims from 2017 to 2020. About N108.317 was authorised for 35 beneficiaries regarding the EEG backlogs of claims from 2007 to 2016.
Source: TimesNow.com.ng
