Nigeria, in the second quarter of 2024, experienced a decline in export value compared to the previous quarter. However, the country did experience an increase in relation to the same quarter the previous year. This increase is off the heels of the products it sold to its 5 most consistent trade partners, which accounted for 44.87% of its entire export earnings in quarter 2 of the year.
In the second quarter of 2024, Nigeria’s total trade in goods came in at ₦31,892.46 billion, a 3.76% reduction from Q1 2024, and a 150.39% increase from the same period in 2023, as reported by the country’s national bureau of statistics.
In the period under review export value stood at ₦19,418.93 billion accounting for 60.89% of overall commerce in Q1 2024. This is a 1.31% increase from the previous quarter (₦19,167.36) and a 201.76% increase from the second quarter of 2023 (₦6,435.13).
The report also revealed that crude oil exports during the same period accounted for 74.98% of total Nigeria exports, while non-oil exports accounted for 25.02%. Non-oil products contributed ₦1,944.25 billion or 10.01% of total exports.
Trade of manufactured products during the period totaled ₦6,057.49 billion, accounting for 18.99% of overall commerce. The export of finished goods amounted to ₦480.82 billion.
While the sale of raw materials recorded a total trade value of ₦1,848.41 billion. Brazil received ₦103.56 billion in raw material exports, including ‘Urea whether or not in aqueous solution’.
Exports of ‘Non Monetary Gold (including gold coated with platinum) in Powder form’ to Switzerland totaled ₦47.45 billion.
With that said, here are the 5 African countries Nigeria made the most money from from selling its goods.
Top 5 countries Nigeria made the most money from in Q2 2024
| Rank | Country | Export value | Export % |
|---|---|---|---|
|
1. |
Spain |
N2,007.00 billion |
10.34% |
|
2. |
United States |
N1,855.94 billion |
9.56% |
|
3. |
France |
N1,819.94 billion |
9.37% |
|
4 |
India |
N1,650.09 billion |
8.50% |
|
5. |
Netherlands |
N1,379.50 billion |
7.10% |
