The Nigerian Bureau of Statistics office reports that during the first quarter of 2024, the country’s exports exceeded its imports by a significant margin, depicted by the N6.52 trillion trade surplus.
According to the data, N12.64 trillion was brought in by imports and N19.17 trillion was exported.
Nigeria’s export record demonstrates the nation’s expanding influence in the world economy.
During the period under review, the most exported goods were crude oil, liquefied natural gas, sesame seeds, urea (whether or not in aqueous solution), and premium cocoa beans.
France is Nigeria’s top export partner, with items worth N2.13 trillion exported to that nation, according to NBS data.
Crude oil exports, worth N1.86 trillion, drove most of the nation’s trade volume and made up 88% of Nigeria’s overall export earnings.
Additionally, the data reveals that non-crude oil exports were valued at N261.19 billion, or 12% of Nigeria’s overall export earnings.
Spain is not far behind France, with a total export value of N2.02 trillion. Of all the exports, 85 percent are crude oil, the country’s most valuable commodity at N1.72 trillion.
Exports of goods other than crude oil to the country in southwest Europe totalled N302.11 billion, or 15% of the total.
Netherlands secures third place with a total export value of N1.70 trillion. The leading export was crude oil, valued at N1.50 trillion, or 88% of the total.
The nation’s non-crude oil exports reached N196.64 billion, 12% of the total trade value.
Nigeria’s exports to India during the examined period totalled N1.61 trillion.
Additionally, the most traded commodity was crude oil, which accounted for a substantial 67% (or N1.30 trillion) of all exports. The amount of non-crude oil exported was N306.5 billion, or 15%.
With N1.31 trillion in exporting goods, the United States holds the fifth place.
With exports worth N1.21 trillion, or 92% of the total, crude oil contributes significantly to this trading relationship.
At N102.96 billion, or 8% of the total, non-crude oil exports were recorded.
The overall value of Nigerian exports to the Indonesia was N1.15 trillion. Exports of crude oil totalled N1.10 trillion, while those of non-crude oil were N41.57 billion.
Nigeria’s first-quarter exports to Canada totalled N1.11 trillion, with its main export, crude oil, at N1.1 trillion.
Crude oil comprised 99.6% (or N953.51 billion) of Nigeria’s total exports to South Africa, valued at N957.06 billion.
