Crude oil constituted majority of Nigeria’s exports, accounting for 80.80% in Q1 2024

In the first quarter of 2024, 80.80% of Nigeria’s exports were made up of crude oil.

The most recent figures on foreign goods trade from the National Bureau of Statistics support this.

According to the report, Q1 2024 saw N15,486.63 billion in crude oil exports.

On the other hand, non-crude oil exports made up N3,680.73 billion, or 19.20 percent, of all exports.

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As a result, the nation’s overall exports for the reviewed quarter came to N19,167.36 billion.

According to the report, “the value of non-crude oil exports stood at N3,680.73 billion, accounting for 19.20% of total exports; of which non-oil products contributed N1,778.85 billion, or 9.28% of total exports.” Crude oil exports, valued at N15,486.63 billion, represented 80.80% of total exports during the first quarter of 2024.

In the first quarter of 2024, the nation’s imports totaled N12,643.23 billion.

Nigeria saw a trade surplus in Q4 due to a greater export volume than import volume.