Nigeria's economic landscape showed mixed signals in the third quarter of 2024, with the National Bureau of Statistics (NBS) reporting a robust trade surplus of N5.81 trillion and a moderate capital importation of $1.25 billion.

The trade data revealed a significant expansion in total merchandise trade, which increased by 81 percent from N19.38 trillion in Q3 2023 to N35.16 trillion in Q3 2024. Exports dominated the trade balance, accounting for 58.27% of total trade at N20.48 trillion, with crude oil remaining the primary export, valued at N13.4 trillion and representing 65.44 percent of total exports.

Regarding capital importation, the figure dropped by 51.90 percent compared to the previous quarter, declining from $2.60 billion in Q2 2024 to $1.25 billion in Q3 2024. However, this still represents a 91.35% increase from the same quarter in 2023.

Foreign portfolio investments led the capital importation, contributing $899.31 million (71.79 percent), followed by other investments at $249.53 million (19.92 percent) and foreign direct investment at $103.82 million (8.29 percent).

The banking sector emerged as the top recipient of capital inflows, attracting $579.48 million (46.26 percent), followed by the financing sector with $294.55 million (23.51 percent) and the production/manufacturing sector with $189.22 million (15.11 percent).

Geographically, the United Kingdom was the primary source of capital importation, contributing $502.60 million (40.12 percent), followed by South Africa with $185.03 million (14.77 percent) and the United States with $163.86 million (13.08 percent).

Lagos state continued to be the leading destination for capital importation, attracting $650.41 million (51.92 percent), with Abuja (FCT) following closely at $600.02 million (47.90 percent).

On the international trade front, Spain emerged as the top export destination, accounting for 11.07 percent of total exports, while China remained the major import partner, representing 24.36 percent of imported goods.

These figures indicate a complex economic environment with challenges in capital importation but strength in export performance and trade balance.​​​​​​​​​​​​​​​​