Nigeria’s trade surplus doubles to $9.5B
The shift was driven by a fall in fuel imports and a rise in the exports of crude oil and raw materials.
Nigeria's trade surplus reached $9.5 billion in the second quarter, more than doubling compared to the same period last year, according to the government's statistics agency. The agency attributes this growth to a decline in fuel imports and an increase in exports of crude oil and raw materials. Higher oil prices, resulting from the Iran war and heightened exports, have also contributed to the country's broader economic expansion.
Nigeria's GDP grew by 4.43% year-on-year in the second quarter, marking the fastest pace in five years.
The impact of the Dangote Refinery, which started operating at full capacity this year after commencing in September 2024, cannot be overlooked. This refinery has reduced Nigeria's dependence on fuel imports, a problem the country has long faced as the continent's largest crude oil producer. With plans to double output to 1.4 million barrels per day, the refinery's domestic refining capacity is set to expand further.
However, Nigeria still has a significant fuel import bill, as the downstream oil sector's regulator argues that imports are necessary for local competition.
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