Nigeria’s foreign trade hits N31.810bn in Q1 2024

Nigeria’s foreign trade, including imports and exports, increased to N31.810.56 billion in the first quarter of 2024.

The National Bureau of Statistics disclosed this in its latest foreign trade in goods report.

The total imports stood at N12,643.23 billion, and exports recorded at N19,167.40 billion.

On a quarter-to-quarter basis, imports increased of 39.65 percent compared with the value recorded in Q4, 2023, N9,053.78 billion.

Meanwhile, in terms of exports, the figure shows a 51.00 percent increase compared to N12,693. 62 billion.

Nigeria recorded a trade surplus in the first quarter of 2024.