Nigeria’s export trade has remained strong in Q2 2024, with the top ten destinations accounting for 72.15% of total exports, valued at N14.01 trillion.
Total exports to all destinations saw a modest increase of 1.31%, rising to N19.41 trillion in Q2, compared to N19.16 trillion in Q1 2024.
Spain emerged as the leading destination, receiving N2 trillion worth of Nigerian exports in Q2 2024, while China, the smallest importer among the top ten, received N744.91 billion in total exports.
This data is derived from the Nigeria Bureau of Statistics (NBS) report for Q2 2024.
Below is a detailed breakdown of Nigeria’s top export destinations, along with key insights into the factors driving these trade patterns.
- China – N744.91 billion (5.32% of total exports)
- China, which did not appear among Nigeria’s top ten export destinations in Q1, re-entered the list in Q2 2024 with imports totaling N744.91 billion.
- Although Nigeria’s crude oil exports to China have been on the decline, accounting for only 28.05% of total exports, the country continues to play a key role in Nigeria’s non-oil exports, representing 71.95% of trade with Nigeria.
- Indonesia – N862.77 billion (6.16% of total exports)
- Indonesia, though a major importer of Nigerian crude, saw a decline of 24.70% in imports from Nigeria in Q2, totaling N862.77 billion from 1.14 trillion in Q1.
- Crude oil accounted for 98.71% of exports to Indonesia, with the remaining 1.29% non-crude oil products.
- Indonesia’s expanding industrial sector remains a key driver of demand for Nigerian oil.
- Italy – N1.16 trillion (8.31% of total exports)
- Italy’s imports from Nigeria saw a significant increase of 28.72%, reaching N1.16 trillion in Q2 2024 from N904.27 billion.
- Crude oil made up 99.54% of exports to Italy, with non-crude oil products comprising just 0.46%.
- Italy’s growing reliance on Nigerian crude, particularly after the geopolitical shifts in Europe, reflects the continued importance of Nigerian oil for its energy security.
- Canada – N1.17 trillion (8.40% of total exports)
- Canada’s imports from Nigeria grew by 5.94% to N1.17 trillion in Q2 2024 from N1.11 trillion in Q1.
- Crude oil constituted 98.48% of exports to Canada, with non-crude oil products making up the remaining 1.52%.
- Despite increasing energy independence in North America, Canada continues to rely on Nigerian oil, maintaining a steady trade relationship.
- Ivory Coast – N1.35 trillion (9.64% of total exports)
- Ivory Coast has seen a remarkable surge in imports from Nigeria, with an 81.39% increase in Q2, totaling N1.35 trillion from N744.59 billion in the first quarter of 2024.
- As the only African nation in the top ten, the bulk of its imports from Nigeria consisted of 99.29% crude oil, bolstered by Ivory Coast’s growing refining capacity.
- The country’s increasing demand for energy makes it a vital partner for Nigeria’s oil exports.
- Netherlands – N1.38 trillion (9.85% of total exports)
- The Netherlands received N1.37 trillion worth of exports from Nigeria in Q2 2024, with a marked decrease of 18.63% from 1.695 trillion in Q1.
- Despite this drop, the Netherlands plays a crucial role in distributing Nigerian crude to other European markets, alongside a significant portion of non-oil products, contributing 71.29% crude oil and 28.71% non-crude oil in Q2.
- India – N1.65 trillion (11.78% of total exports)
- India’s growing industrial and energy needs have driven a slight 2.40% increase in imports from Nigeria, totalling N1.65 trillion in Q2 2024 from N1.61 trillion in the first quarter of the year.
- Nigeria’s export to India comprises 67.38% crude oil and 32.62% non-crude products.
- As one of the world’s largest consumers of oil, India’s demand for Nigerian crude is expected to continue growing, solidifying Nigeria’s position as a key supplier.
- France – N1.82 trillion (12.99% of total exports)
- France, like other European nations, has increased its reliance on Nigerian crude oil.
- In Q2 2024, the country imported N1.82 trillion in goods, with crude oil representing 78.57% of that total.
- While imports from Nigeria declined by 14.36% from N2.125 trillion in Q1, France remains a critical partner in the diversification of Europe’s energy supply, particularly considering the ongoing energy crisis stemming from the Ukraine conflict.
- United States – N1.86 trillion (13.25% of total exports)
- The U.S. remains one of Nigeria’s major trade partners, receiving N1.86 trillion in exports during Q2 2024, a notable 41.55% increase from N1.31 trillion in Q1.
- Crude oil made up 87.43% of exports to the U.S., with non-crude oil products accounting for 12.57%.
- Despite its growing energy independence, the U.S. continues to rely on Nigerian oil, reinforcing its role in Nigeria’s export economy.
- Spain – N2.01 trillion (14.32% of total exports)
- Spain bagged the position as Nigeria’s largest export destination, receiving N2.01 trillion worth of goods in Q2 2024, despite a slight decline of 0.82% from N2.02 trillion the previous quarter.
- A significant portion, 81.03%, of exports to Spain consisted of crude oil, with the remaining 18.97% comprising non-crude oil products.
- Spain’s importance as a key refining hub in Europe has been magnified by the broader EU strategy to diversify energy sources away from Russian oil.
Key insights and conclusion
- The top ten export destinations for Nigeria in Q2 2024 highlight the strategic role of oil in the global trade dynamics and crude oil continues to dominate Nigeria’s exports.
- Europe remains a critical market for Nigerian oil, with countries like Spain, France, and Italy continuing to rely on Nigeria to secure their energy needs.
- Meanwhile, Asian economies such as India and China also represent significant markets for Nigerian oil, with India’s demand rising steadily.
- These trade relationships are shaped by a complex interplay of energy security, geopolitical factors, and economic demands, positioning Nigeria as an important global supplier of crude oil, even as it works to diversify its export base.