Nigeria achieved a trade surplus of N3.42 trillion in the fourth quarter of 2024, according to data released by the National Bureau of Statistics (NBS). The country's exports totaled N20.01 trillion while imports stood at N16.59 trillion during this period.

Total trade for Q4 2024 reached N36.6 trillion, representing a 2.20 percent increase compared to the N35.8 trillion recorded in the third quarter. More significantly, this figure marks a substantial 68.32 percent increase compared to the N21.75 trillion recorded in the corresponding period of 2023.

Exports accounted for 54.68 percent of total trade value in Q4 2024. While this represents a significant 57.67 percent increase over the value recorded in Q4 2023, exports decreased slightly by 2.55 percent compared to Q3 2024.

Crude oil remained the dominant export commodity, valued at N13.78 trillion and representing 68.87 percent of total exports. Non-crude oil exports were valued at N6.23 trillion, accounting for 31.13 percent of total exports, while non-oil products contributed N2.84 trillion or 4.20 percent of total exports.

The Netherlands emerged as Nigeria's top export destination in Q4 2024, receiving goods valued at N2.09 trillion (10.44 percent of total exports). Other major export destinations included France (N1.91 trillion or 9.54 percent), Spain (N1.74 trillion or 8.68 percent), India (N1.60 trillion or 7.98 percent), and Indonesia (N1.41 trillion or 7.03 percent). These five countries collectively accounted for 43.67 percent of Nigeria's total export value during the quarter.

On the import side, China maintained its position as Nigeria's leading trading partner, supplying goods worth N4.61 trillion (27.80 percent of total imports). Other significant import sources included India (N1.89 trillion or 11.43 percent), Belgium (N1.38 trillion or 8.35 percent), the United States (N1.05 billion or 6.33 percent), and France (N501 billion or 3.62 percent).​​​​​​​​​​​​​​​​