Nigeria’s crude oil sector maintained its stronghold on the nation’s economy in the final quarter of 2024, as exports surged to N13.78 trillion, according to data released by the National Bureau of Statistics (NBS). The latest figures highlight the continued dominance of crude oil in Nigeria’s trade balance and its significant contribution to the country’s foreign exchange earnings.
According to the NBS report titled Foreign Trade Statistics Report 2024 Q4, crude oil accounted for 68.87% of total exports during the period. The country also recorded N6.23 trillion from non-crude oil exports, of which non-oil products contributed N2.84 trillion, representing 14.20% of total exports.
The report further highlighted that Nigeria’s total merchandise trade for the quarter stood at N36.60 trillion, an increase of 68.32% compared to the corresponding period in 2023. Exports were valued at N20.01 trillion, making up 54.68% of total trade, while imports amounted to N16.5 trillion. The total export value reflected a 57.67% increase from Q4 2023 but saw a slight 2.55% decline compared to Q3 2024.
Breaking down Nigeria’s import sources, the report indicated that goods from Asia dominated, totaling N8.87 trillion or 53.46% of overall imports. European imports followed with N5.29 trillion (31.92%), while imports from the Americas reached N1.87 trillion (11.29%). Meanwhile, imports from Oceania stood at N30.06 billion (0.22%). Trade with African countries amounted to N514.96 billion, with ECOWAS nations contributing N77.10 billion.
A sectoral analysis of Nigeria’s imports showed a decline in mineral product imports, which dropped to N4.91 trillion in Q4 2024 from N5.83 trillion recorded in the previous quarter, continuing a downward trend observed since early 2024.
Regarding trading partners, China remained Nigeria’s largest import source, accounting for N4.61 trillion or 27.80% of total imports. India followed with N1.89 trillion (11.43%), while Belgium contributed N1.38 trillion (8.35%). The United States and France supplied imports worth N1.05 trillion (6.36%) and N601.28 billion (3.62%), respectively.
The latest trade figures highlight Nigeria’s continued dependence on crude oil exports while signaling ongoing shifts in import dynamics. Analysts suggest that while the surge in export earnings is positive, further diversification of Nigeria’s trade balance remains crucial for long-term economic stability.
