Nigeria’s foreign trade statistics report for the first quarter of 2024 reveals a significant trade surplus of N6.52 trillion.  This is a significant recovery from the N1.41 trillion trade deficit recorded in the previous quarter (Q4 2023) and the N927.2 billion in the same period (Q1) of 2023.   The trade surplus recorded for Q1 2024 is a record high, according to data dating back to 2009.

The European Free Trade Association (EFTA), which includes Switzerland, signed a revised free trade agreement with Chile on Monday. Swiss Economics Minister Guy Parmelin also expressed caution about ongoing talks with the Latin American Mercosur trade bloc and "relative optimism" about trade deal negotiations with China. The revised agreement with Chile was signed at a ministerial meeting of EFTA states (Switzerland, Liechtenstein, Iceland and Norway) in Geneva on Monday. Switzerland is the current chair.