Nigeria is Africa’s largest oil producer and one of the world’s top exporters. This fact alone has strengthened its export industry, bringing in significant cash and adding to its overall GDP. Couple this with its fertile soils and abundance of natural resources and you have a country most of the world wants to do business with.
According to a report by the National Bureau of Statistics, in Q1 2024, Nigeria’s total exports reached ₦19,167.40 billion, up 51.00% from ₦12,693.62 billion in Q4 2023 and 195.47% from ₦6,487.04 billion in Q1 2023.
Total exports made up 60.25% of total commerce in the first quarter of 2024. Nigeria mostly exported mineral items worth ₦17,510.57 billion, accounting for 91.36% of total exports.
Exports of ‘Vegetable goods’ (of ₦589.57 billion or 3.08% of total exports) and ‘Prepared foodstuffs; drinks, spirits, and vinegar; tobacco’ (worth ₦472.82 billion or 2.47% of total exports) came in second place.
The report also added that Europe was the top export destination, accounting for 43.43% of total exports at ₦8,325.27 billion. Asia came in second at ₦5,179.14 billion, or 27.02%.
Exports to America were valued at ₦3,410.48 billion, accounting for 17.79% of total exports, while Africa received ₦2,236.82 billion, or 11.67%. ECOWAS countries accounted for ₦1,250.71 billion of total African exports.
Top 5 products Nigeria sold the most in Q1 2024
| Rank | Product | Export value | % of export value |
|---|---|---|---|
|
1. |
Petroleum oil and oil obtained from bituminous minerals, crude |
N15,486.63 billion |
80.80% |
|
2. |
Natural gas, liquified |
N1,677.23 billion |
8.75% |
|
3. |
Sesamum seed |
N247.75 billion |
1.29% |
|
4. |
Urea, whether or not in aqueous solution |
N240.55 billion |
1.25% |
|
5. |
Superior quality cocoa beans |
N230.85 billion |
1.20% |
