About N19.4tn has been realized as revenue from the exports of cocoa beans, crude oil, gas, amongst others in the second quarter of 2024, the National Bureau of Statistics has revealed.
In the just-released ‘Foreign trade in goods statistics’ Nigeria’s total merchandise trade stood at N31.89tn representing a decrease of 3.76 per cent over the value recorded in the preceding quarter.
This means that in the year under review, exports accounted for 60.89 per cent while the value of import stood at N12.47tnn representing 39.11 per cent of the total trade merchandise.
According to the statistics agency, the total exports in the second quarter of 2024 reflected a 1.31 per cent increase compared to N19.17trn recorded in the first quarter of 2024 and a 201.76 per cent rise compared to N6.44trn in the corresponding quarter of 2023.
It said the top trading export partners were Spain, the United States of America, France, India, and Netherlands with the most exported commodities including crude oil, liquefied natural gas, other petroleum gases, superior-quality cocoa beans, and urea.
According to the NBS crude oil exports in Q2 2024 were valued at N14.56tn a decrease of 5.99 per cent from N15.49trn in Q1 2024 and an increase of 190.86 per cent from N5trn in Q2 2023.
Other oil product exports in Q2 2024 stood at N2.91trn which is an increase of 53.28 per cent from N1.9trn in Q1 2024 and a 293.54 per cent rise from the N740.74bn generated in Q2 2023.
It said, “Exports of agricultural goods in Q2 2024 amounted to N973.69bn, a 5.93 per cent decrease from N1.04tn in Q1 2024, however, a 246.67 per cent rise from N280.87bn in Q2 2023.”
The value of raw material exports in Q2 2024 was N366.91bn, a 4.01 per cent surge against the N352.75bn in Q1 2024, and by 151.96 per cent from N145.62 bn in Q2 2023.
Solid mineral exports in Q2 2024 was valued at N58.56bn, marking a 7.65 per cent decrease from N63.41bn in Q1 2024 while the value of manufactured goods exports in Q2 2024 was N480.82bn, reflecting a 78.95 per cent increase from N268.7bn in Q1 2024
In the second quarter of 2024, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and Netherlands. The most traded commodities during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Butanes and Cane sugar meant for sugar refinery.