Nigeria’s exports to six countries hit N8.88tn in Q2 – Report

Nigeria’s exports to six major trading partners—Spain, the United States of America, France, India, the Netherlands, and China—reached N8.88 trillion in the second quarter of 2024, according to the National Bureau of Statistics in the Commodity Price Indices and Terms of Trade Report released on Thursday.

A breakdown of the figure showed that Nigeria’s exports to Spain in the second quarter were valued at N2.01tn, representing 10.34 per cent of the country’s total exports during the period.

According to the report, the top export items included crude petroleum oils and oils obtained from bituminous minerals valued at N1.63tn, natural gas worth N191.93bn, and other petroleum gases in gaseous state at N157.05bn.

On the import side, Nigeria imported goods worth N261.06bn from Spain, with the major imports being motor spirit, ordinary (N145.24bn), mixed alkylbenzenes and mixed alkylnaphthalenes (N30.56bn), and gypsum (N18.83bn).

Exports to the United States accounted for 9.56 per cent of total exports, amounting to N1.86tn.

The largest export commodity was crude petroleum oils valued at N1.62tn, followed by urea, whether or not in aqueous solution, which was worth N86.54bn, and other petroleum gases in the gaseous state valued at N81.31bn.

Nigeria’s imports from the U.S. totalled N971.84bn. Key imports included butanes (N234.99bn), used vehicles with diesel or semidiesel engines (N102.97bn), and motor spirit, ordinary (N93.32bn).

The country’s exports to France in the period under review were N1.82tn, accounting for 9.37 per cent of its total exports; the largest export item being crude petroleum oils, valued at N1.43tn, followed by natural gas at N357.20bn and flours and meals of soya beans at N22.99bn.

Imports from France during the same period totalled N148.80bn, with the major imported items being motor spirit, ordinary valued at N90.78bn, other lubricating oils meant to be mixed further (N45.63bn), and unused postage or revenue stamps (N12.39bn).

Additionally, Nigeria exported N1.65tn worth of goods to India in Q2 2024, making up 8.50 per cent of the nation’s total exports. The key export commodities were crude petroleum oils worth N1.11tn, followed by other petroleum gases in the gaseous state (N359.28bn) and natural gas valued at N93.07bn.

On the import side, Nigeria imported goods worth N1.06tn from India. The main imports included gas oil (N433.26bn), other medicaments not elsewhere specified (N42.07bn), and motorcycles and cycles with auxiliary motors (N31.53bn).

Exports to the Netherlands were valued at N1.38tn, representing 7.1 per cent of Nigeria’s total exports, with key exports being crude petroleum oils worth N983.50bn, other petroleum gases in gaseous states valued at N234.30bn, and superior quality cocoa beans worth N108.17bn.

Nigeria imported goods worth N585.30bn from the Netherlands, including motor spirit, ordinary valued at N357.52bn, blue whiting meat, frozen (N26.42bn), and other medicaments (N24.33bn).

Nigeria’s exports to China were valued at N744.91bn in Q2 2024.

The primary exports to China included other petroleum gases in the gaseous state valued at N225.64bn, crude petroleum oils worth N208.92bn, and natural gas valued at N208.89bn.

On the other hand, the country imported N595.61bn worth of goods from China.

The highest-valued imports were other herbicides (N115.24bn), machines for the reception, conversion, and transmission of voice, images, or data (N69.02bn), and other rotary positive displacement pumps (N67.55bn).

The report added that the All-Commodity Group Export Price Index increased on average by 0.09 per cent in Q2, 2024, due to changes in the prices of mineral products, prepared foodstuffs; beverages, spirits and vinegar; tobacco, live animals; animal products, and vegetables products.

The All-Region Group Export Index went up by 0.09 per cent points, driven by an upward price change in exports to all economic regions.

The major export destinations of Nigeria in Q2 were Spain, the United States of America, France, India and the Netherlands.

The PUNCH reports that Nigerian foreign exchange earnings grew in the second quarter of 2024 based on strong export performance, as the foreign trade surplus increased to N6.95tn.