Nigeria’s export value dropped by 2.55% in Q4 2024, totalling N20,014.33 billion, while imports surged by 8.57% to N16,590.51 billion, reports the National Bureau of Statistics (NBS). This development reflects Nigeria’s shifting trade dynamics, affecting industries across Abuja news and Lagos news.
The total merchandise rose by 2.20%, reaching N36,604.83 billion. Crude oil, liquefied natural gas, and cocoa beans dominated exports, whereas major imports included petroleum and aircraft parts. China led Nigeria’s import partners; the Netherlands was a significant export destination. This trend could impact Nigeria’s economic balance significantly in cities like Abuja and Lagos.
- Exported goods significantly included petroleum, natural gas, and cocoa beans.
- Imports featured motor spirits, gas oil, and aircraft components.
- China predominates Nigeria’s import partnerships, reinforcing global economic ties.
Commentary: Nigeria’s rising imports and declining exports suggest potential vulnerability in trade, underscoring the need to diversify its economic activities in big hubs like Lagos.
For more, see the National Bureau of Statistics’ report. How will Nigeria handle its trade imbalance to foster economic stability across major cities? Engage with us!
