- The latest recent trade statistics from Nigeria's Bureau of Statistics showed that the country's export value in Q3 of 2024 was ₦20,486.39 billion
- According to the study, this represented a 16.76% increase over ₦17,545.62 billion in Q2 2024 and a 98.00% increase over ₦10,346.60 billion in the same quarter of 2023
- Crude oil exports made up ₦13,406.37 billion, or 65.44% of total exports, and dominated Nigeria's export trade
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigeria's export value in Q3 of 2024 was N20,486.39 billion, according to the latest data released by the National Bureau of Statistics.
The NBS data showed this represented a 16.76% increase over N17,545.62 billion in Q2 2024 and a 98.00% increase over N10,346.60 billion in the same quarter of 2023.
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The development followed the release of some of the most popular products in the nation to some of its most recognisable markets.
According to the survey, Nigeria's total goods trade was worth N35,160.44 billion in Q3 2024, which was an 81.35% rise over the amount recorded during the same period in 2023 and a 13.26% increase over the value recorded during the preceding quarter.
During the reviewed quarter, exports accounted for 58.27% of overall commerce, valued at N20,486.39 billion.
This marked a 16.76% rise over the value recorded in Q2 2024 (N17,545.62) and a 98.00% increase over the value recorded in the third quarter of 2023 (N10,346.60).
Nigeria's export trade was dominated by crude oil exports, which accounted for N13,406.37 billion, or 65.44% of total exports, in the third quarter of 2024. Non-crude oil exports, on the other hand, totalled N7,080.02 billion, or 34.56% of total exports, of which N2,501.85 billion, or 12.21% of total exports, came from non-oil products.
According to the most recent report from the National Bureau of Statistics, these are the nations from which Nigeria earned the most revenue from the sale of its goods.
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Spain
Spain is number one on the list of countries Nigeria exported its goods. The country led the list with about 11.07% export contribution for the third quarter to emerge as Nigeria's top trading partner in Q3 2024.
United States
The United States ranked just behind Spain, contributing approximately 8.25% to Nigeria's total exports in the third quarter of 2024.
France
France followed the United States, contributing 7.75% to Nigeria's total exports.
Netherlands
The Netherlands also contributed about 7% of total exports, according to the third quarter foreign trade statistics report released by the NBS.
Italy
Italy ranked next with a total contribution of 6.72% to exports for the third quarter of the period reviewed.
Nigeria exports over N41trn worth of goods in 9 months
Legit.ng previously reported that the NBS had announced Nigeria recorded a total trade value of N99.34 trillion in the first nine months of 2024.
The figure represented a 48.65% increase compared to the N66.82 trillion reported in the same period of 2023.
The bureau stated this in its latest foreign trade statistics report released on its website.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
