In the first quarter of 2024, Nigeria’s total exports increased by 51% from N12.69 trillion in the preceding quarter (Q4, 2023) to N19.16 trillion. On a year-on-year basis, total exports grew by 195% from N6.48 trillion recorded in Q1, 2023.
The country’s top exports during the period were crude oil and gas products, sesamum seeds, urea and superior-quality cocoa.
Below are the top ten destination countries of Nigeria’s exports during the period.
10. Ivory Coast– the total value of exports to this fellow West African country during the period stood at N744.5 billion. Crude oil exports to this country stood at N717.49 billion while non-crude oil exports were a mere N27.09 billion. Its share of Nigeria’s total exports during the period under review was 3.88%.
9. Italy– Total exports to this country in Q1 was N904.27 billion of which crude oil exports stood at N875.94 billion. Non-crude oil exports during the period were N28.3 billion. The country’s share of Nigeria’s total exports was 4.72% in Q1, 2024.
8. South Africa– the Rainbow nation received N957.1 billion worth of Nigerian goods in the first three months of the year. Of this figure, crude oil exports were N953.5 billion while non-oil exports were a meagre N3.5 billion. The country’s share of Nigeria’s total exports stood at 4.99%.
7. Canada– Nigeria exported goods worth N1.11 trillion to Canada in the period under review of which crude oil exports stood at N1.09 trillion. Non-oil exports during the period were N12.06 billion. Its share of Nigeria’s exports for the period was 5.79%.
6.Indonesia– the value of exports to this country in Q1 2024 was 14 trillion. Crude oil exports stood at a whopping N1.10 trillion while non-oil exports were N41.57 billion. In the period under review, 5.98% of Nigeria’s exports went to Indonesia.
5. United States of America (USA)– Nigeria’s total exports to the U.S. in Q1 stood at N1.31 trillion of which crude oil sales represented a whopping N1.20 trillion. Non-oil exports to the U.S stood at N102.96 billion while the country’s share of Nigeria’s total exports for the period was 6.84%.
4. India– total exports to India in Q1, 2024 was N1.61 trillion. Crude oil exports stood at N1.30 trillion while non-oil exports were N306.5 billion. Its share of total exports is 8.41%.
3.Netherlands– total exports from Nigeria during the period under review is N1.69 trillion. The country received oil worth around N1.49 trillion while non-oil goods stood at 64 billion. The country received 8.85% of Nigeria’s exports between January and March 2024.
2. Spain– total exports to the country in Q1 2024 was N2.02 trillion. Crude oil exports were N1.72 trillion while non-crude oil exports were valued at N302.11 billion. Its share of Nigeria’s total exports for the period was 10.56%.
1. France– this country received N2.12 trillion worth of goods to rank first as Nigeria’s top export destination in Q1, 2024. Crude oil exports were valued at N1.86 trillion while non-crude oil exports were valued at N261.18 billion.
In total, the top 10 countries with exports received N13.63 trillion of the total N19.16 trillion worth of exports in the period under review.
This represents around 71.1% of the country’s total exports during the period.