In comparison to the previous quarter, Nigeria’s export value decreased in Q2 of 2024. When compared to the same quarter last year, the nation did, however, see an uptick. This growth is partly due to the items it supplied to its five leading trading partners, which in the second quarter of the year accounted for 44.87% of its total export revenue.
According to Nigeria’s National Bureau of Statistics, total goods traded in the second quarter of 2024 by the West African nation came in at ₦31,892.46 billion, up 150.39% from the same period in 2023 and down 3.76% from Q1 2024.
In Q2 of the year, export value was ₦19,418.93 billion, or 60.89% of total trade in the first quarter of 2024. This is a 201.76% increase from the second quarter of 2023 (₦6,435.13) and an increase of 1.31% from the preceding quarter (₦19,167.36).
The report by the NBS also showed that non-oil exports made up 25.02% of Nigeria’s total exports over the same time, while crude oil exports made up 74.98%. 10.01% of total exports, or ₦1,944.25 billion, came from non-oil items.
During that time, ₦6,057.49 billion worth of manufactured goods were traded, making up 18.99% of all commerce. ₦480.82 billion worth of completed products were exported. On the flip side, raw materials brought in ₦1,848.41 billion in total trade value.
With that said these are the five Nigerian products that earned the highest revenue in the reviewed period.
Top 5 domestic products Nigeria made the most money from in Q2 2024
| Rank | Product | Export earnings | Export earnings (%) |
|---|---|---|---|
|
1. |
Petroleum oils and oils obtained from bituminous minerals, crude |
N14,559.56 billion |
74.98% |
|
2. |
Natural gas liquified |
N1,444.12 billion |
7.44% |
|
3. |
Other petroleum gases etc in gaseous state |
N1,436.55 billion |
7.40% |
|
4. |
Superior quality cocoa beans |
N268.92 billion |
1.38% |
|
5. |
Urea, whether or not in aqueous solution |
N225.59 billion |
1.16% |
