The National Bureau of Statistics (NBS) has revealed that Nigeria’s total merchandise trade recorded significant growth in the fourth quarter of 2024, driven by a sharp rise in imports and steady export performance.
According to the latest Foreign Trade in Goods Statistics report released By NBS today, total trade for the period stood at N36.6tn, representing a 68.3 per cent increase from the corresponding quarter in 2023 and a 2.2 per cent rise from the third quarter of 2024.
It added that despite maintaining a trade surplus, the country’s trade balance declined significantly maintaining that the surplus for the quarter stood at N3.42tn, reflecting a 34.9 per cent drop from the previous quarter.
The decline was largely attributed to the continued increase in imports and a marginal drop in export earnings.
