Crude oil accounts for 74.98% of Nigeria’s exports in Q2 2024 – NBS

Crude oil exports accounted for 74.98 percent of Nigeria’s total export value in the second quarter of 2024.

The National Bureau of Statistics disclosed this in its Foreign Trade Goods Statistics released on Wednesday.

According to the data, Crude oil exports contributed N14.56bn to the country’s total exports in the second quarter of the year.

The data showed that the most exported commodities in the period under review included crude oil, liquefied natural gas, and other petroleum gases in a gaseous state, superior-quality cocoa beans and urea

In Q2 2024, Nigeria’s total exports were valued at N19,418.93 billion, reflecting a 1.31 percent increase compared to N19,167.36 billion in Q1 2024 and a 201.76 percent rise compared to N6,435.13 billion in Q2 2023.

Conversely, the value of total imports in the period under review stood at N12,473.53 billion.

This comes as Nigeria recorded N6.95 trillion as a trade surplus in Q2 2024.