Crude oil, liquefied natural gas, sesamum seeds, urea and cocoa beans were Nigeria’s most exported commodities in Q1 of 2024
By Kehinde Okeowo
The National Bureau of Statistics (NBS) has said Crude oil exports accounted for 80.80 percent of Nigeria’s export in the first quarter of 2024.
The bureau made this known in its foreign trade report for the first quarter (Q1) of 2024 on Sunday.
According to NBS, crude oil exports stood at N15,486.63 billion in the first quarter of 2024.
Conversely, non-crude oil exports stood at N3,680.73 billion, accounting for 19.20 percent of total exports.
Accordingly, this brings the country’s total exports in the quarter under review to N19,167.36 billion.
“Exports trade in the first quarter of 2024 was dominated by crude oil exports valued at N15,486.63 billion, representing 80.80% of total exports, while the value of non-crude oil exports stood at N3,680.73 billion, accounting for 19.20% of total exports; of which non-oil products contributed N1,778.85 billion, or 9.28% of total exports,” the report stated.
Meanwhile, the country’s imports in Q1 2024 stood at N12,643.23 billion, while Nigeria recorded a trade surplus as exports outweighed imports.
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NBS further said Nigeria’s top trading export partners in the first quarter of 2024 were France, Spain, the Netherlands, India, and the United States.
It further added that the most exported commodities included crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans.
“Export destinations by countries during the quarter under review show that the highest export destination was France with a value of N2.1 trillion or 11.09% of total exports, followed by Spain with N2 trillion or 10.56% of total exports.
“The Netherlands with goods valued at N1.6 trillion representing 8.85% of total exports, India with N1,611.39 billion or 8.41% of total exports, and the United States with N1.3 trillionillion or 6.84% of total export.” NBS added.
It went on to disclose that the five countries collectively accounted for 45.74 percent of the value of total exports in Q1 2024.
However, China ranked highest among the top trading partners on the import side, followed by India, the United States, Belgium, and The Netherlands.
