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Research Document: NESG Foreign Trade Alert: 2024Q4 & Full Year 2024


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Posted Wed, Mar 12, 2025 6:50 PM

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External trade climbed to a record high in 2024, attributed to exchange rate depreciation. The country recorded an external trade value of N138 trillion in 2024, rising significantly from N66.8 trillion in 2023. The sharp rise in the external trade value in 2024 reflects the impact of the Naira depreciation.

The official exchange rate averaged N1,479.6/US$ in 2024, rising from N645.2/US$ in 2023. On a quarterly basis, the value of external trade stood at N36.6 trillion in 2024Q4, jumping from N21.7 trillion in 2023Q4 and N35.8 trillion in 2024Q3.

The country recorded a trade surplus throughout 2024, with the third quarter recording the highest value (N5.3 trillion). In 2024, merchandise exports stood at N77.4 trillion, outpacing merchandise imports of N60.6 trillion. This gives rise to a trade surplus of N16.8 trillion in 2024, a significant increase from N5.1 trillion in 2023.

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All text, graphics, audio files, code, downloadable material, and other works on this web site are the copyrighted works of the Nigerian Economic Summit Group (NESG).