Nigeria’s exports rises by 201% in one year as crude oil dominates

Nigeria’s total exports surged by 201.75 percent in one year, mostly driven by exports of crude oil, a new report has shown.

According to the “Foreign trade in goods statistics” report released by the National Bureau of Statistics (NBS) on Wednesday, exports amounted to N19.4 trillion on a quarter basis, representing 60.89 percent of total trade.

“In the quarter under review, exports accounted for 60.89% of total trade with a value of N19,418.93 trillion, showing a marginal increase of 1.31% compared to the value recorded in Q1 2024 (N19,167.36) and a 201.76% rise over the value recorded in the second quarter of 2023 (N6,435.13),” NBS said.

The Abuja-based bureau said that Nigeria’s exports trade continued to be dominated by crude oil exports as it was valued at N14.5 trillion even as it dropped by 5.99 percent compared to N15.4 trillion recorded in the previous quarter.

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Crude oil export represents a massive 74.98 percent of total exports between April to June 2024. But the value of the non-crude oil stood at a staggering N4.8 trillion.

The non-crude exports accounted for a paltry 25.02 percent of total exports while non-oil products contributed N1.9 trillion or 10.01 percent of total exports.

Nigeria has again recorded a N6.9 trillion trade surplus for the seventh consecutive quarters in Q2 2024.

NBS stated that Africa’s biggest economy’s total merchandise trade stood at N31.8 trillion in Q2, 2024 representing a decrease of 3.76 percent over the value recorded in the preceding quarter.

However, on a year-on-year basis it increased by 150.39 percent compared to the value recorded in the corresponding period of 2023.

According to the Bureau, the top trading export partners with Nigeria were Spain, the United States of America, France, India, and The Netherlands.

While crude oil dominated exported commodities, agricultural produce such as cocoa beans and urea were equally exported.