Nigeria’s export economy demonstrated resilience, with a total export value of N19.42 trillion in the second quarter of 2024, reflecting a modest increase of 1.31% from the previous quarter.
Despite some challenges, the country’s export sector remained robust, with crude oil continuing to dominate the landscape, contributing 74.98% of the total exports.
This significant reliance on oil highlights the importance of diversifying Nigeria’s export portfolio, although agricultural products, manufactured goods, and other petroleum gases also made notable contributions.
Non-oil exports reached N4.86 trillion, representing 25.02% of total exports, indicating gradual diversification efforts.
The top 10 export products in Q2 2024 illustrate Nigeria’s varied but heavily oil-reliant export market. Below is a breakdown of the top 10 most exported products from Nigeria in Q2 2024, according to data from the National Bureau of Statistics (NBS):
10. Floating or Submersible Drilling or Production Platforms
Nigeria exported floating or submersible drilling platforms valued at N81.69 billion in Q2 2024, accounting for 0.42% of total exports. These platforms play a critical role in the country’s offshore oil exploration activities, contributing to the oil and gas sector.
9. Sesamum Seeds
Nigeria exported N102.54 billion worth of sesamum seeds in Q2 2024, representing 0.53% of the country’s total exports. These seeds are highly sought after in international markets, especially in Asia, where they are used in food products and oil production. However, Nigeria’s export is a decrease of 58.61% from the N247.75 billion recorded in the previous.
8. Standard Quality Cocoa Beans
Cocoa beans are one of Nigeria’s major agricultural exports, making up 0.55% of the total exports. Standard quality cocoa beans also experienced a decrease in export value between Q1 and Q2 2024. In Q1, Nigeria exported N140.09 billion worth of standard quality cocoa beans, accounting for 0.73% of total exports. This dropped to N107.27 billion in Q2, a reduction of 23.44%. The drop could be a result of seasonal factors or shifts in global market conditions for cocoa. However, as one of Nigeria’s major agricultural products, cocoa remains integral to the country’s export economy, particularly for European and North American markets.
7. Unwrought Aluminium Alloys
Nigeria exported N126.47 billion in unwrought aluminium alloys in Q2 2024, constituting 0.65% of the nation’s total exports. It recorded a 31.20% increase from N96.40 billion exported in Q1 2024. This product is key in the global manufacturing industry, especially for sectors such as automotive, construction, and aerospace.
6. Cashew Nuts in Shell
Nigeria’s cashew exports totaled N209.80 billion in Q2 2024, contributing 1.08% to total exports. It experienced the most significant rise in export value, rising by 270.92% from N56.57 billion recorded in the previous quarter. This surge may have been driven by increased global demand, possibly due to a strong harvest season in Nigeria or higher consumption in major markets like Europe and Asia, where cashews are highly valued for both food processing and snack production.
5. Urea, Whether or Not in Aqueous Solution
The export of urea in Q2 2024 was valued at N225.59 billion, representing 1.16% of Nigeria’s total exports. Urea, primarily used as fertilizer, is an important export product for Nigeria, particularly for countries in Africa and beyond looking to boost their agricultural productivity. It experienced a modest decline of 6.23% from N240.55 billion quarter-on-quarter.
4. Superior Quality Cocoa Beans
Superior quality cocoa beans brought in N268.92 billion in export revenue in Q2 2024, accounting for 1.38% of total exports. Nigeria is known for its high-quality cocoa, which is used by chocolate manufacturers worldwide. There was an increase of 16.48% in export value from N230.85 billion in the previous quarter. The growing global demand for high-quality cocoa, especially from premium chocolate manufacturers, could be responsible for this increase, positioning Nigeria as a reliable supplier of top-grade cocoa beans to the world market.
3. Other Petroleum Gases in Gaseous State
Other petroleum gases, often used in industrial applications and energy production, accounted for N1.44 trillion in exports in Q2 2024, making up 7.40% of the total export share. This export rose by 676.41% from N185.04 billion in Q1 2024. This massive growth could be attributed to gas production and exports from Dangote Refinery. Nigeria’s oil and gas sector remains a dominant force in the global energy supply chain, with petroleum gases playing a critical role in the country’s export revenues.
2. Natural Gas
Nigeria exported N1.44 trillion worth of natural gas in Q2 2024, comprising 7.44% of total exports. Natural gas is a significant part of Nigeria’s energy exports, with Europe and Asia being key destinations, especially amid growing global demand for cleaner energy sources. However, it saw a decline of 13.89% from N1.68 trillion from Q1 2024.
1. Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude
Unsurprisingly, crude petroleum oil dominates Nigeria’s export landscape. In Q2 2024, the value of crude oil exports stood at N14.56 trillion, a staggering 74.98% of total exports. As the backbone of Nigeria’s economy, the oil sector continues to be the country’s most significant export contributor. However, the export of crude petroleum oils decreased slightly by 5.99% from N15.49 trillion recorded in the previous quarter of the year.