Nigeria trade surplus doubles to $9.5B in Q2
Nigeria’s trade surplus rose to $9.5 billion in Q2, doubling versus the same period last year, as fuel imports fell and crude oil and raw materials exports increased.
5 billion in the second quarter, doubling from the same period last year, the government’s statistics agency said. The increase was attributed to lower fuel imports and higher exports of crude oil and raw materials. 43% year-on-year in the second quarter, the fastest pace in five years, supported by higher oil prices and increased exports. The trade figures were also cited as evidence of the impact of the Dangote Refinery, which began operating at full capacity this year after coming online in September 2024.
Enhanced domestic refining capacity has cut Nigeria’s long-standing reliance on fuel imports, though the country still carries a large import bill. 4 million barrels per day.