Top 5 Nigeria’s export destinations

Nigeria’s export earnings for the year reveal the top five countries contributing the most to its revenue, with four of these located in Europe. The United States remains Nigeria’s key trading partner outside the continent.

According to the latest report from the National Bureau of Statistics, Nigeria’s total export value in Q3 2024 stood at ₦20,486.39 billion. The report states, “Total exports in Q3 2024 were valued at ₦20,486.39 billion, reflecting a 98.00% rise compared to ₦10,346.60 billion in the corresponding quarter of 2023 and a 16.76% increase compared to ₦17,545.62 billion in Q2 2024.”

Crude oil exports accounted for ₦13,406.37 billion, or 65.44% of total exports, while non-crude oil exports stood at ₦7,080.02 billion, with non-oil products contributing ₦2,501.85 billion. Nigeria’s total trade for the quarter was ₦35,160.44 billion.

According to the National Bureau of Statistics, Nigeria’s top 5 export destinations in 2024

1. Spain – N2,267.83 bn (11.07% of total exports)

Spain remains Nigeria’s top export destination, accounting for N2,267.83 billion in revenue. The strong trade relationship highlights Spain’s demand for Nigerian goods, particularly crude oil and agricultural products.

2. United States – N1,689.48 bn (8.25% of total exports)

The United States follows as the second-largest buyer of Nigerian exports, with transactions amounting to N1,689.48 billion. The trade ties between both nations cover sectors like oil, minerals, and agricultural produce.

3. France – N1,588.30 bn (7.75% of total exports)

France ranks third with Nigerian exports valued at N1,588.30 billion. The trade relationship reflects France’s interest in Nigeria’s natural resources, including energy-related commodities.

4. The Netherlands – N1,434.29 bn (7.00% of total exports)

The Netherlands is the fourth-largest destination for Nigerian exports, receiving goods worth N1,434.29 billion. This trade largely involves petroleum exports and agricultural products.

5. Italy – N1,377.37 bn (6.72% of total exports)

Italy rounds out the top five, with Nigerian exports valued at N1,377.37 billion. The strong trade partnership includes crude oil and other commodities.

Chisom Michael

Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp