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- According to the Nigerian statistics office, the nation's exports were much more than its imports in the first quarter of 2024
- Based on the data, N12.64 trillion was brought in by imports and N19.17 trillion was exported between January and March
- France, Spain, and India topped the list of export destinations, with items such as crude oil, liquefied natural gas, and others as the most transported
Legit.ng journalist Zainab Iwayemi has over 3 years of experience covering the Economy, Technology, and Capital Market.
The National Bureau of Statistics office reports that during the first quarter of 2024, the country's exports exceeded its imports by a significant margin, depicted by the N6.52 trillion trade surplus.
Source: Getty Images
According to the data, N12.64 trillion was brought in by imports and N19.17 trillion was exported.
Nigeria's export record demonstrates the nation's expanding influence in the world economy.
During the period under review, the most exported goods were crude oil, liquefied natural gas, sesame seeds, urea (whether or not in aqueous solution), and premium cocoa beans.
1. France
France is Nigeria's top export partner, with items worth N2.13 trillion exported to that nation, according to NBS data.
Crude oil exports, worth N1.86 trillion, drove most of the nation's trade volume and made up 88% of Nigeria's overall export earnings.
Additionally, the NBS data reveals that non-crude oil exports were valued at N261.19 billion, or 12% of Nigeria's overall export earnings.
2. Spain
Spain is not far behind France, with a total export value of N2.02 trillion. Of all the exports, 85 per cent are crude oil, the country's most valuable commodity at N1.72 trillion.
Exports of goods other than crude oil to the country in southwest Europe totalled N302.11 billion, or 15% of the total.
3. Netherlands
The Netherlands secures third place with a total export value of N1.70 trillion. The leading export was crude oil, valued at N1.50 trillion, or 88% of the total.
The nation's non-crude oil exports reached N196.64 billion, 12% of the total trade value.
4. India
Nigeria's exports to India during the examined period totalled N1.61 trillion.
Additionally, the most traded commodity was crude oil, which accounted for a substantial 67% (or N1.30 trillion) of all exports. The amount of non-crude oil exported was N306.5 billion, or 15%.
5. The United States
With N1.31 trillion in exporting goods, the United States holds the fifth place.
With exports worth N1.21 trillion, or 92% of the total, crude oil contributes significantly to this trading relationship.
At N102.96 billion, or 8% of the total, non-crude oil exports were recorded.
6. Indonesia
The overall value of Nigerian exports to the Indonesia was N1.15 trillion. Exports of crude oil totalled N1.10 trillion, while those of non-crude oil were N41.57 billion.
7. Canada
Nigeria's first-quarter exports to Canada totalled N1.11 trillion, with its main export, crude oil, at N1.1 trillion.
8. South Africa
Crude oil comprised 99.6% (or N953.51 billion) of Nigeria's total exports to South Africa, valued at N957.06 billion.
9. Italy
Italy purchased Nigerian goods for N904.27 billion during the year's first quarter. Crude oil exports totalled N875.94 billion, while exports of non-crude oil were N28.3 billion.
10. Ivory Coast
The total amount of Nigerian exports to Ivory Coast was N744.5 billion. Similarly, N717.49 billion in crude oil exports accounted for 96.4 per cent of total exports, while non-crude oil exports came in at N27.09 billion.
During the study period, Nigeria's list of African export destinations included Ivory Coast at number two.
Top 5 Oil-Producing Countries in Africa
Legit.ng reported that recent data from the Organisation of Petroleum Exporting Countries (OPEC) showed that global oil prediction for 2024 remained the same.
Oil production declined in most OPEC members in Africa during the first quarter of 2024, except for Algeria, Libya, and Congo.
The report said Nigeria produced the most oil for April despite falling short of its output.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
Source: Legit.ng
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