Nigeria made ₦13.78 trillion from crude oil exports in the fourth quarter of 2024, according to the latest Foreign Trade Statistics Report from the National Bureau of Statistics (NBS).
The report, released over the weekend, also shows that non-oil exports brought in ₦2.8 trillion, while non-crude oil exports (which include refined petroleum products) were worth ₦6.2 trillion.
Breakdown of Nigeria’s Export Trade
The NBS highlighted that crude oil remained Nigeria’s biggest export, accounting for 68.87% of total exports in Q4 2024. Meanwhile, non-crude oil exports made up 31.13%, with non-oil products contributing ₦2.84 trillion, or 14.2% of total exports.
Nigeria’s total trade for the quarter stood at ₦36.6 trillion, with imports worth ₦16.5 trillion and exports at ₦20.01 trillion.
Trade Growth Compared to 2023
The total trade value in Q4 2024 increased by 68.32% compared to the same period in 2023, which recorded ₦21.75 trillion. However, there was only a 2.2% growth from Q3 2024, when total trade was ₦35.82 trillion.
Exports accounted for 54.68% of total trade, showing a 57.67% increase from Q4 2023 but a 2.55% drop compared to the previous quarter.
Nigeria’s Import Sources
In Q4 2024, Nigeria imported goods mostly from Asia, which accounted for ₦8.87 trillion (53.46% of total imports). Other key import sources included:
- Europe – ₦5.3 trillion (31.92%)
- America – ₦1.87 trillion (11.29%)
- Oceania – ₦30.06 billion (0.22%)
- Africa – ₦514.96 billion (3.10%), with ₦77.1 billion coming from ECOWAS countries
Top Import Countries
Nigeria’s top trading partners for imports were:
- China – ₦4.61 trillion (27.8%)
- India – ₦1.9 trillion (11.43%)
- Belgium – ₦1.39 trillion (8.35%)
- United States – ₦1.06 trillion (6.36%)
- France – ₦601.28 billion (3.62%)
The report also revealed that mineral product imports dropped to ₦4.92 trillion in Q4 2024, down from ₦5.84 trillion in Q3 2024.
With crude oil remaining Nigeria’s biggest export, the country’s economy continues to depend heavily on the global oil market. However, experts suggest that increasing non-oil exports could help stabilise the economy in the long run.
