The significant decline in the naira's value over the past year is reflected in the substantial increase in foreign trade of manufactured goods, which surged by 93 percent to N8.022 trillion in the third quarter of 2024 (Q3’24), up from N4.157 trillion in Q3’23, and marking a 32.4 percent rise from N5.577 trillion in Q2’24.
This information was disclosed by the National Bureau of Statistics (NBS) in its Q3’24 Foreign Trade in Goods report. It is important to note that after the Central Bank of Nigeria (CBN) floated the naira on June 14, 2023, the currency's value plummeted from approximately N477 to a dollar to as high as N1,738 per dollar by November 26, 2024.
A detailed analysis of the NBS data indicates that revenue from manufactured goods exports skyrocketed by 419.9 percent, reaching N1.04 trillion compared to N200.19 billion in Q3’23, and reflecting a 116.5 percent increase from N480.82 billion in Q2’24. Additionally, the value of manufactured goods imports rose by 76.4 percent to N6.981 trillion in Q3’24, compared to N3.957 trillion in Q3’23, and increased by 25.2 percent from N5.557 trillion in Q2’24.
Further examination reveals that manufactured goods exports in Q3’24 accounted for 5.1 percent of total exports, a notable increase from 1.93 percent in Q3’23. In terms of imports, manufactured goods represented 47.6 percent of total imports in Q3’24, compared to 46.8 percent in Q3’23.
Moreover, the N8.022 trillion in foreign trade of manufactured goods during Q3’24 constituted 22.8 percent of the total value of foreign trade in goods for that period, while the N4.157 trillion in Q3’23 represented 22.1 percent of the total foreign trade in goods, which amounted to N18.804 trillion.
In the third quarter of 2024, China remained Nigeria's foremost import trading partner, with India, Belgium, the United States, and Malta following in that order. Key imports during this period consisted of refined petroleum (motor spirit and gas oil), durum wheat, raw cane sugar, and used diesel/semi-diesel vehicles (2500cc engine capacity or less).
Our top five export markets were Spain, the United States, France, the Netherlands, and Italy. Principal exports included crude oil, liquefied natural gas, various gaseous petroleum products, floating and submersible drilling/production platforms, and high-quality cocoa beans.