Nigeria’s export earnings are an essential aspect of its economy, driving development and generating vital foreign money. While crude oil remains the most important export, the government is making tremendous progress in diversifying its export base to include agriculture, solid minerals, and manufactured items. Additionally, Nigeria is invested in increasing its number of trade partners.
Nigeria’s total goods trade value in the first quarter of 2024 was ₦31,810.59 billion. This is an increase of 46.27% over the value from the previous quarter and a gain of 145.58% over the value at the same point in 2023. This is based on an analysis by the National Bureau of Statistics.
The overall value of Nigeria’s exports was ₦19,167.40 billion, up 195.47% from ₦6,487.04 billion in Q1 2023 and 51.00% from ₦12,693.62 billion in Q4 2023.
In the first quarter of 2024, the entire amount of trade was comprised of 60.25% exports. The majority of Nigeria’s exports, worth ₦17,510.57 billion, were mineral commodities, making up 91.36% of total exports.
‘Prepared foodstuffs; beverages, spirits, and vinegar; tobacco’ (value ₦472.82 billion or 2.47% of total exports) and ‘Vegetable goods’ (worth ₦589.57 billion or 3.08% of total exports) came in second and third, respectively.
According to the data, Europe accounted for 43.43% of all exports, or ₦8,325.27 billion, making it the top export destination. Asia ranked second, with a 27.02% share, or ₦5,179.14 billion.
With that said here are the top 5 countries that contributed the most to Nigeria’s revenue in Q1 of 2024 via its exports.
Top 5 countries Nigeria made the most money from in Q1 2024
| Rank | Country | Export | % of export |
|---|---|---|---|
|
1. |
France |
N2,125.03 billion |
11.09% |
|
2. |
Spain |
N2,023.54 billion |
10.56% |
|
3. |
Netherlands |
N1,695.44 billion |
8.85% |
|
4. |
India |
N1,611.39 billion |
8.41% |
|
5. |
United States |
N1,211.16 billion |
6.84% |
