According to Nigeria’s National Bureau of Statistics, total goods traded in the second quarter of 2024 by the West African nation came in at ₦31,892.46 billion, up 150.39% from the same period in 2023 and down 3.76% from Q1 2024.
In Q2 of the year, export value was ₦19,418.93 billion, or 60.89% of total trade in the first quarter of 2024. This is a 201.76% increase from the second quarter of 2023 (₦6,435.13) and an increase of 1.31% from the preceding quarter (₦19,167.36).
The report by the NBS also showed that non-oil exports made up 25.02% of Nigeria’s total exports over the same time, while crude oil exports made up 74.98%. 10.01% of total exports, or ₦1,944.25 billion, came from non-oil items.
During that time, ₦6,057.49 billion worth of manufactured goods were traded, making up 18.99% of all commerce. ₦480.82 billion worth of completed products were exported. On the flip side, raw materials brought in ₦1,848.41 billion in total trade value.
With that said these are the five Nigerian products that earned the highest revenue in the reviewed period.
Top 5 domestic products Nigeria made the most money from in Q2 2024
| Rank | Product | Export earnings | Export earnings (%) |
|---|---|---|---|
|
1. |
Petroleum oils and oils obtained from bituminous minerals, crude |
N14,559.56 billion |
74.98% |
|
2. |
Natural gas liquified |
N1,444.12 billion |
7.44% |
|
3. |
Other petroleum gases etc in gaseous state |
N1,436.55 billion |
7.40% |
|
4. |
Superior quality cocoa beans |
N268.92 billion |
1.38% |
|
5. |
Urea, whether or not in aqueous solution |
N225.59 billion |
1.16% |