Top 10 countries Nigeria made the most revenue from in 2024

Nigeria, Africa’s largest economy, relies heavily on international trade, particularly exports, to sustain its revenue. The country’s export earnings are primarily driven by crude oil, which has long been the backbone of its economy.

However, in recent years, non-crude oil exports have gained momentum, contributing significantly to Nigeria’s total export value. These exports include agricultural products such as cocoa and sesame seeds, as well as manufactured goods and solid minerals.

Nigeria’s trade relationships span across multiple continents, with Europe, North America, and Asia emerging as its biggest partners. The country’s export revenue is closely tied to global demand for oil, but diversification efforts are opening up new opportunities in other industries.

According to the National Bureau Of Statistics, here are the top 10 countries Nigeria made the most revenue from in 2024

1 Spain
Nigeria exported goods worth ₦2,267,831,349,479.90 to Spain, with crude oil accounting for ₦1,153,351,615,089.03 and non-crude oil exports contributing ₦1,114,479,734,390.87, making Spain the top destination with an 11.07% share of Nigeria’s global exports. Spain’s reliance on Nigerian crude oil is driven by its need for energy resources, while Nigeria’s non-crude exports to Spain include agricultural products like cocoa and sesame seeds, reflecting a growing trade partnership beyond oil.

2 United States
The United States imported Nigerian goods worth ₦1,689,483,173,169.12, with crude oil dominating at ₦1,494,497,366,102.90 and non-crude oil exports at ₦194,985,807,066.22, representing 8.25% of Nigeria’s total exports. The U.S. is a key partner for Nigeria, not only in trade but also in areas like security and technology, with Nigerian non-crude exports to the U.S. including textiles, cashew nuts, and handicrafts.

3 France
France imported Nigerian products valued at ₦1,588,301,985,135.41, with crude oil exports at ₦1,442,158,166,319.52 and non-crude oil exports at ₦146,143,818,815.89, accounting for 7.75% of Nigeria’s global export share. France’s imports of Nigerian crude oil are critical for its energy sector, while Nigeria’s non-crude exports to France, such as rubber and cocoa, highlight the potential for further economic collaboration.

4 Netherlands
Nigeria exported goods worth ₦1,434,288,210,061.23 to the Netherlands, with crude oil contributing ₦1,012,288,559,748.48 and non-crude oil exports at ₦421,999,650,312.74, representing 7% of Nigeria’s total exports. The Netherlands, home to one of Europe’s largest ports, serves as a gateway for Nigerian exports to other European countries, with non-crude exports like cocoa beans and petroleum gases playing a significant role.

5 Italy
Italy imported Nigerian goods valued at ₦1,377,370,671,743.34, with crude oil exports at ₦1,368,123,740,997.91 and non-crude oil exports at ₦9,246,930,745.43, making up 6.72% of Nigeria’s global export share. Italy’s energy needs heavily rely on Nigerian crude oil, while the minimal non-crude exports indicate room for growth in other sectors like agriculture and manufacturing.

6 India
India imported Nigerian products worth ₦1,187,555,512,872.21, with crude oil exports at ₦131,903,883,906.15 and non-crude oil exports at ₦1,055,651,628,966.06, accounting for 5.8% of Nigeria’s total exports. India’s focus on Nigerian non-crude exports, such as cashew nuts, sesame seeds, and cocoa, reflects its demand for raw materials for its food processing and manufacturing industries, while crude oil imports remain steady.

7 Canada
Canada imported Nigerian goods valued at ₦979,250,961,751.65, with crude oil exports at ₦976,244,112,420.51 and non-crude oil exports at ₦3,006,849,331.14, representing 4.78% of Nigeria’s global export share. Canada’s imports are almost entirely dominated by crude oil, underscoring Nigeria’s role as a key energy supplier, while the minimal non-crude exports suggest untapped potential for trade diversification.

8 Indonesia
Indonesia imported Nigerian products worth ₦823,420,330,273.07, with crude oil exports at ₦729,203,167,394.40 and non-crude oil exports at ₦94,217,162,878.67, making up 4.02% of Nigeria’s total exports. Indonesia’s imports of Nigerian crude oil support its growing energy needs, while non-crude exports like rubber and cocoa beans highlight opportunities for expanding trade ties.

9 United Kingdom
The United Kingdom imported Nigerian goods valued at ₦699,328,964,000.72, with crude oil exports at ₦685,377,173,248.72 and non-crude oil exports at ₦13,951,790,752.00, accounting for 3.41% of Nigeria’s global export share. The UK’s historical ties with Nigeria continue to drive trade, particularly in crude oil, while non-crude exports like cocoa and spices remain niche but promising sectors.

10 China
China imported Nigerian products worth ₦683,613,395,658.36, with no crude oil exports recorded and non-crude oil exports dominating at ₦683,613,395,658.36, representing 3.34% of Nigeria’s total exports. China’s focus on Nigerian non-crude exports, such as agricultural products and solid minerals, reflects its strategy to secure raw materials for its manufacturing sector, while the absence of crude oil imports highlights China’s diversified energy sources.