Nigeria’s top export destinations in quarter one of 2024

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NBS headquarters

The National Bureau of Statistics (NBS) says Nigeria recorded N6.52 trillion trade surplus in the first quarter of 2024. The surplus indicates that Nigeria’s exports significantly outpaced imports during this period. The data shows that exports totalled N19.17 trillion, while imports came in at N12.64 trillion. Nigeria’s export performance translates to a substantial surplus, highlighting the country’s growing presence in the global trade arena.

The NBS said the most exported commodities within the period were crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans. An analysis of NBS data indicated that over 71 percent (N13.63 trillion) of exports went to the following partner nations:

France was at the top of the list of Nigeria’s export destinations for the first quarter. According to the NBS, N2.13 trillion worth of goods were exported to France, making the country Nigeria’s leading export partner. The country’s trade volume was primarily driven by crude oil exports, valued at N1.86 trillion, which accounted for 88 percent of the total exports from Nigeria. The data also showed that non-crude oil exports stood at N261.19 billion, representing 12 percent of the total exports from Nigeria.

Spain followed closely behind France, with a total export value of N2.02 trillion. Also, crude oil remained the dominant export commodity to Spain, valued at N1.72 trillion and accounting for 85 percent of the total exports. Non-crude oil exports to the south-western European nation stood at N302.11 billion, representing 15 percent of the total. The Netherlands ranked third with a total export value of N1.70 trillion, according to the NBS data. Again, the data bureau said crude oil was the dominant export, valued at N1.50 trillion, which is 88 percent of the total. Non-crude oil exports for the country reached N196.64 billion — a 12 percent share in the trade relationship.

Nigeria’s exports to India stood at N1.61 trillion in the period under review, the data said. Crude oil was also the dominant commodity traded, accounting for a significant 67 percent of the total exports. Non-crude oil exports stood at N306.5 billion, representing 15 percent.

The United States claimed the fifth position with a total of N1.31 trillion worth of exported goods. Crude oil remains a major driver of this trade relationship, with exports valued at N1.21 trillion, accounting for 92 percent of the total. Non-crude oil exports stood at N102.96 billion, representing eight percent of the total. The country’s total export value from Nigeria stood at N1.15 trillion. Crude oil recorded N1.10 trillion exports and non-crude oil stood at N41.57 billion.

Nigeria exported N1.11 trillion worth of goods to Canada in the period under review, with crude oil exports dominating at N1.1 trillion. Nigeria’s exports to South Africa were valued at N957.06 billion with crude oil accounting for 99.6 percent (N953,51 billion) of the total exports. South Africa was Nigeria’s leading export trade partner in Africa in the first quarter of 2024 .

Italy imported N904.27 billion worth of goods from Nigeria in the first quarter. Crude oil exports stood at N875.94 billion and non-crude oil exports stood at N28.3 billion.

Nigeria’s total exports to Ivory Coast were valued at N744.5 billion. Similarly, crude oil exports gulped 96.4 percent of the total exports at N717.49 billion. Non-crude oil exports amounted to N27.09 billion. Ivory Coast ranked second on Nigeria’s list of African export destinations in the review period.

 

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