Nigeria Generates 14.6 Trillion from Crude Oil Exports Over 12 Months
Nigeria earned approximately ₦14.6 trillion from crude oil exports in the past 12 months, according to the latest trade report by the National Bureau of Statistics (NBS). This represents a significant 191% year-on-year growth in export receipts, a sharp increase from the ₦5.005 trillion generated in the second quarter of 2023.
The NBS report revealed that despite efforts to diversify the economy, crude oil continues to be Nigeria’s primary export commodity, contributing massively to the nation’s revenue. Overall, Nigeria’s total exports reached ₦19,418.93 billion in the second quarter of 2024, marking a modest 1.31% rise compared to ₦19,167.36 billion recorded in the first quarter of the year. Year-on-year, total exports surged by 201.76%, from ₦6,435.13 billion in Q2 2023 to ₦19,418.93 billion in Q2 2024.
Top Export Destinations and Commodities
Nigeria’s major trading partners for exports in Q2 2024 were Spain, the United States, France, India, and the Netherlands. The primary export commodities included crude oil, liquefied natural gas, other petroleum gases, superior-quality cocoa beans, and urea.
While crude oil remains the dominant export, agricultural goods also contributed significantly. Exports of agricultural products in Q2 2024 were valued at ₦973.69 billion, a slight decrease of 5.93% from ₦1,035.02 billion in the previous quarter. However, on a year-on-year basis, agricultural exports rose by 246.67%, up from ₦280.87 billion in Q2 2023.
Crude Oil Exports Decline Quarter-on-Quarter
Crude oil exports in Q2 2024 were valued at ₦14,559.56 billion, a 5.99% decline from ₦15,486.63 billion in Q1 2024. However, this figure still represents a massive year-on-year increase of 190.86%, highlighting Nigeria’s reliance on oil exports as a major revenue source.
In addition, other oil product exports also showed significant growth, reaching ₦2,915.12 billion in Q2 2024. This represents a 53.28% increase from ₦1,901.88 billion in Q1 2024 and an impressive 293.54% rise from ₦740.74 billion in Q2 2023.
Growth in Raw Material and Manufactured Goods Exports
The report also highlighted gains in other export sectors. Raw material exports were valued at ₦366.91 billion in Q2 2024, a 4.01% increase from ₦352.75 billion in Q1 2024. On a year-on-year basis, raw material exports jumped by 151.96%, up from ₦145.62 billion in Q2 2023.
Meanwhile, exports of manufactured goods saw robust growth, reaching ₦480.82 billion in Q2 2024, a 78.95% increase from ₦268.70 billion in Q1 2024. This also represents a 126.65% rise from ₦212.14 billion in Q2 2023, indicating a strong demand for Nigerian manufactured products abroad.
Solid Minerals Exports See Modest Growth
The solid minerals sector, while smaller in scale, recorded ₦58.56 billion in exports during Q2 2024, marking a slight decrease of 7.65% from ₦63.41 billion in Q1 2024. However, compared to the ₦34.09 billion recorded in Q2 2023, this represents a significant year-on-year growth of 71.79%.
Despite fluctuations in quarterly figures, Nigeria’s export performance continues to show impressive growth, particularly in crude oil, which remains the bedrock of the country’s export earnings. The report underlines the country’s ongoing efforts to balance its traditional reliance on oil with increasing contributions from other sectors such as agriculture, raw materials, and manufactured goods.
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