- Export N19.4trn, import N12.4trn
- Stocks trade lower at midweek, investors lose N50bn
- Naira strengthens by 4.81% in FX market
Nigeria recorded N6.94 trillion trade surpluses in the second quarter of 2024, according to data released by the National Bureau of Statistics on Wednesday.
The country’s export was N19.4trillion while its import was N12.4trillion.
NBS said in the period under review, the country’s total merchandise trade hit N31.8 trillion.
The report said in Q2 2024, the total merchandise trade declined by 3.76 percent over a rise of 150.39 percent in Q2 2023.
“Nigeria’s total merchandise trade stood at N31, 892.46 billion in Q2, 2024 representing a decrease of 3.76% over the value recorded in the preceding quarter and a rise of 150.39% compared to the value recorded in the corresponding period of 2023,” said NBS
It also said in the quarter under review, exports accounted for 60.89 percent of total trade with a value of N19.418.93 trillion, showing a marginal increase of 1.31 percent compared to the value recorded in Q1 2024 (N19.167.36 trillion) and a 201.76 percent rise over the value recorded in the second quarter of 2023 (N6 435.13 trillion).
Nigeria’s exports trade, according to NBS, continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at N14, 559.56 trillion representing 74.98 percent of total exports while the value of non-crude oil exports stood at N4.859.37 trillion accounting for 25.02 percent of total exports; of which non-oil products contributed N1.944.25 trillion or 10.01 percent of total exports.
On import, NBS said the value of total imports stood at ₦12.473.53 trillion in the second quarter of 2024, representing a decrease of 10.71 percent compared with the value recorded in Q1, 2024 (₦13.970.05 trillion) and a rise of 97.93 percent from the value recorded in the corresponding quarter of 2023 (₦6.301.95 trillion).
In the second quarter of 2024, according to NBS, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands.
It said the most traded commodities during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Butanes, and Cane sugar meant for sugar refinery.
The report added that the value of agricultural goods imported in Q2 2024 was ₦893.25 billion, reflecting a decrease of 2.96 percent when compared to ₦920.54 billion in Q1 2024, and an increase of 96.38 percent compared to ₦ 454.85 billion in Q2 2023.
NBS said in Q2 2024, raw material imports were valued at ₦1.481.50 trillion, representing a 0.96 percent increase from ₦1.467.41 trillion in Q1 2024 and a significant rise of 160.92% from ₦567.80 billion in Q2 2023.
It further said in the second quarter of 2024, solid mineral imports were valued at ₦96.80 billion. This represents a 35.61 percent increase from ₦71.38 billion in Q1 2024 and a 206.08 percent increase from ₦31.63 billion in Q2 2023.
In the reviewed quarter, according to NBS, the value of imported manufactured goods was ₦5.576.67 trillion, reflecting a 2.82 percent decline from ₦5.738.32 trillion in Q1 2024 and an 84.67 percent rise from ₦3.019.78 trillion in Q2 2023.
NBS said, “The value of other oil products imports in Q2, 2024 stood at ₦4.425.31 trillion showing a decrease of 23.34% from ₦5.772.35 trillion in Q1 2024 and a 98.64% rise from ₦2,227.84 trillion in Q2 2023.”
On exports, NBS said total exports in Q2 2024 were valued at ₦19.418.93 billion, reflecting a 1.31 percent increase compared to ₦19.167.36 trillion in Q1 2024 and a 201.76% rise compared to ₦6.435.13 trillion in Q2 2023.
The report also said in Q2 2024, the top trading export partners were Spain, the United States of America, France, India, and The Netherlands.
The most exported commodities, said NBS, included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.
The report said exports of agricultural goods in Q2 2024 amounted to ₦973.69 billion, a 5.93 percent decrease from ₦1,035.02 billion in Q1 2024 and a 246.67 percent rise from ₦280.87 billion in Q2 2023.
NBS said the value of raw material exports in Q2 2024 was ₦366.91 billion, a rise of 4.01 percent from ₦352.75 billion in Q1 2024 and by 151.96 percent from ₦145.62 billion in Q2 2023.
It said the Solid mineral exports in Q2 2024 were valued at ₦58.56 billion, marking a 7.65 percent decrease from ₦63.41 billion in Q1 2024 and a 71.79 percent rise from ₦34.09 billion in Q2 2023.
NBS said the value of manufactured goods exports in Q2 2024 was ₦480.82 billion, reflecting a 78.95 percent increase from ₦268.70 billion in Q1 2024 and a 126.65 percent increase from ₦212.14 billion in Q2 2023.
The report reads in part: “Crude oil exports in Q2 2024 were valued at ₦14.559.56 trillion, a decrease of 5.99 % from ₦15.486.63 trillion in Q1 2024 and increased by 190.86% from ₦5,005.71 billion in Q2 2023.
“Other oil product exports in Q2 2024 stood at ₦2.915.12 trillion, showing an increase of 53.28% from ₦1.901.88 trillion in Q1 2024 and a 293.54 % rise from ₦740.74 trillion in Q2 2023.”
Stocks trade lower at midweek, investors lose N50bn
Bearish sentiments prevailed on Wednesday as investors lost N50 billion, with the Nigerian equities market seeing the All-Share Index decline by 0.09 percent to close at 96,715.04 points.
Similarly, the market capitalisation of listed equities fell by 0.09 percent to N55.58 trillion.
Trading activity on the NGX showed bearish outcomes, as the total number of deals and traded value dropped significantly by 22.02 percent and 33.86 percent to 9,546 deals and N8.81 billion, respectively, while traded volume increased by 47.72 percent to 600.04 million units.
Significant sell-offs were detected in CWG, NNFM, ACADEMY, LEARNAFRICA, and SCOA with share price depreciations of -10.00 percent, 9.94 percent, -9.93 percent, -9.92 percent, and -9.90 percent, respectively. It is crucial to highlight that the Exchange accounted for more advancing stocks (32) than declining stocks (25), despite the overall market decline.
More so, performance across the sectors indicated broad based gains as four out of the five sub-sector gauges tracked closed in the green zone.
The Banking, Consumer Goods, Oil/Gas, and Industrial Goods indexes posted gains of 0.64 percent, 0.27 percent, 1.73 percent, and 0.01 percent, respectively. The Insurance index was the sole laggard, declining by 1.44 percent.
JAIZBANK emerged as the most traded stock in terms of volume with 237.24 million units transacted in 73 trades, and OANDO led in traded value, amounting to N2.44 billion.
The Nigeria Inter-Bank Offered Rate (NIBOR) rose across most maturities, reflecting tighter liquidity conditions. Likewise, key money market rates such as the Open Repo Rate (OPR) and Overnight Lending Rate (O/N) increased by 0.13 percent and 0.11 percent to close at 31.23 percent and 31.64 percent, respectively.
Meanwhile, the Nigerian Interbank Treasury Bills True Yield (NITTY) displayed varied movements, with the average secondary market yield on T-bills concluding lower at 18.25 percent.
In the FGN Bond market, trading activity was relatively bullish, leading to a slight 0.01 percent decrease in the average yield to 18.73 percent. In Nigeria’s sovereign Eurobonds market, sell pressure at the short, mid and long ends of the yield curve led to a 0.15 percent increase in the average yield to 10.16 percent.
In the foreign exchange market, the Naira appreciated by 4.81 percent, closing at ₦1,558.75 per dollar at the official market. In the Parallel market, the Naira closed at ₦1,645 to the dollar.
