Nigeria's trade surplus with countries in the Economic Community of West African States, ECOWAS rose by 216 per cent, Year-on-Year, YoY to N1.14 trillion in the first quarter of 2024, Q1'24.
Vanguard analysis of foreign trade data for Q1'24 released by the National Bureau of Statistics, NBS showed that Nigeria's export to ECOWAS countries rose YoY by 213 per cent to N1.25 trillion in Q1'24 from N399.19 billion in Q1'23.
On the other hand Nigeria's import from ECOWAS countries rose by YoY by 167 per cent to N113.04 billion in Q1'24 from N42.296 billion in Q1'23.
Data from the National Bureau of Statistics, NBS showed that Nigeria's main trading export partners within the ECOWAS region in the quarter are Ivory Coast (N744.59 billion), Senegal (N361.29 billion), Benin (N55.67 billion), Togo (N38.01 billion) and Ghana (N33.75 billion) altogether representing 98.61 percent of total export to ECOWAS countries.
Nigeria's major import trade partner within ECOWAS in the period under review was the Ivory Coast (N51.41 billion) followed by Togo (N40.86 billion), Ghana (N13.61 billion), Liberia (N3.96 billion) and Benin Republic (N1.04 billion) representing 98.10 percent of total imports from the ECOWAS region.
NBS stated: "Exports to ECOWAS member states totaled N1,250.71 billion, while imports amounted to N113.04 billion. The main commodities exported to ECOWAS countries in the first quarter of 2024 are Petroleum oils and oils obtained from bituminous minerals worth N1,074.70 billion (85.93 percent of total exports to ECOWAS), Electrical energy (optional heading) (N58.65 billion or 4.69 percent), Urea, whether or not in aqueous solution (N29.45 billion or 2.35 percent), Flours and meals of soya beans (N9.20 billion or 0.74 percent)) and Other excluding White cement (N6.66 billion or 0.53percent). The top five exported products represent 94.24percent of the total exports to the ECOWAS region."
