The most recent trade report by the country’s Bureau of Statistics shows that in Q3 of 2024, Nigeria’s export value came in at ₦20,486.39 billion.
“Total exports in Q3 2024 were valued at ₦20,486.39 billion, reflecting a 98.00% rise compared to ₦10,346.60 billion in the corresponding quarter of 2023 and a 16.76% increase compared to ₦17,545.62 billion in Q2 2024,” the report states.
This of course came off the heels of some of the country’s most sought-after products, to some of its most familiar markets.
The report also highlighted that in Q3, 2024, Nigeria’s overall goods trade was valued at ₦35,160.44 billion.
This represents a 13.26% increase over the value recorded in the previous quarter and an 81.35% increase over the amount recorded in the similar period of 2023.
With a value of ₦20,486.39 billion, exports made up 58.27% of total trade in the reviewed quarter.
This represents a 98.00% increase over the value recorded in the third quarter of 2023 (₦10,346.60) and a 16.76% increase over the value recorded in Q2 2024 (₦17,545.62).
As expected, crude oil exports remained the largest contributor to Nigeria’s export trade; in the third quarter of 2024, crude oil exports totaled ₦13,406.37 billion, or 65.44% of total exports, while non-crude oil exports totaled ₦7,080.02 billion, or 34.56% of total exports, of which ₦2,501.85 billion, or 12.21% of total exports, came from non-oil products.
Top 5 countries Nigeria made the most money from as per current data
| Rank | Country | Export value | Export % |
|---|---|---|---|
|
1. |
Spain |
N2,267.83 |
11.07% |
|
2. |
United States |
N1,689.48 |
8.25% |
|
3. |
France |
N1,588.30 |
7.75% |
|
4. |
The Netherlands |
N1,434.29 |
7.00% |
|
5. |
Italy |
N1,377.37 |
6.72% |
