Nigeria Export Over N41trn Worth of Goods in 9 Months, 10 Countries Biggest Customers

• Data from the NBS has revealed that Nigeria recorded a trade surplus in the first nine months of 2024
• The bureau stated that goods worth over N41 trillion were exported from Nigeria to various countries worldwide
• As expected, the biggest commodity exported was crude oil, with the highest export value recorded in the third quarter of 2024

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Bureau of Statistics (NBS) has announced that Nigeria recorded a total of N99.34 trillion worth of trade in the first nine months of 2024.

This represents 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.

An analysis of the trade data shows that the total value of goods exported from Nigeria between January and September 2024 stood at N57.19 trillion, accounting for 57.58% of the total trade.

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Meanwhile, Nigerians imported goods worth N42.14 trillion from various countries around the world.

This resulted in a trade surplus of N15.05 trillion during the nine-month period. A trade surplus, an economic measure of a positive trade balance, occurs when a country’s exports exceed its imports.

How did Nigeria trade with the world in 2024?

A breakdown of the figures for exported goods shows that crude oil was Nigeria’s major export.

According to the NBS, Nigeria earned N41.50 trillion from crude oil sales during the nine-month period, accounting for 72.56% of total exports.

Meanwhile, non-crude oil exports during the same period stood at N15.69 trillion, representing 10.88% of total exports.

Here is a breakdown of Nigeria’s exports in 3 quarters of 2023

A breakdown of Nigeria’s export performance showed that Q3 recorded the highest total export value at N20.49 billion.

Here is a snap snapshot

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Q1 2024

• Total Exports: N19.17trn
• Crude Oil Exports: N15.4trn (80.8% of total exports)
• Non-Crude Oil Exports: N3.68 billion (19.2% of total exports)

Q2 2024

• Total exports: N17.55 billion
• Crude oil exports: N12.61trn (71.9% of total exports)
• Non-Crude oil exports: N4.94trn (28.1% of total exports)

Q3 2024

• Total exports: N20.49trn
• Crude Oil exports: N13.41trn (65.5% of total exports)
• Non-crude oil exports: N7.08trn (34.5% of total exports)

Here are the 10 countries that bought Nigerian goods in Q3 and how much

CBN asks Nigerians to export

Legit.ng reported that Olayemi Cardoso, the governor of the Central Bank of Nigeria, has encouraged businesses to look at export opportunities.

According to CBN, Nigeria’s competitive exchange rate can drive export-led growth.

It added that a weakened naira makes Nigerian goods more accessible and appealing internationally.

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Source: Legit.ng