Key Markets for Nigerian Exports
Nigeria’s export revenue for 2024 highlights the top five destinations for its goods, with four of them located in Europe. The United States remains Nigeria’s primary trade partner outside the continent, maintaining a strong commercial relationship.
Export Growth and Statistics
According to the latest report from the National Bureau of Statistics (NBS), Nigeria’s total export value in Q3 2024 reached ₦20,486.39 billion. The report states: “Total exports in Q3 2024 were valued at ₦20,486.39 billion, reflecting a 98.00% rise compared to ₦10,346.60 billion in the same quarter of 2023 and a 16.76% increase from ₦17,545.62 billion recorded in Q2 2024.”
Composition of Exports
Crude oil exports accounted for ₦13,406.37 billion, representing 65.44% of total exports. Meanwhile, non-crude oil exports amounted to ₦7,080.02 billion, including ₦2,501.85 billion from non-oil products. Nigeria’s total trade for the quarter stood at ₦35,160.44 billion.
Nigeria’s Top Five Export Destinations in 2024
1. Spain – ₦2,267.83 Billion (11.07% of Total Exports)
Spain leads as Nigeria’s top export market, with trade valued at ₦2,267.83 billion. This reflects Spain’s strong demand for Nigerian crude oil and agricultural products, reinforcing the longstanding economic ties between both nations.
2. United States – ₦1,689.48 Billion (8.25% of Total Exports)
As Nigeria’s second-largest export destination, the United States imported goods worth ₦1,689.48 billion. The trade partnership spans multiple sectors, including crude oil, solid minerals, and agricultural commodities.
3. France – ₦1,588.30 Billion (7.75% of Total Exports)
France ranks third, purchasing Nigerian exports worth ₦1,588.30 billion. France’s trade relationship with Nigeria is largely centered around energy-related commodities and raw materials.
4. The Netherlands – ₦1,434.29 Billion (7.00% of Total Exports)
The Netherlands stands as the fourth-largest buyer of Nigerian exports, totaling ₦1,434.29 billion. This trade primarily involves petroleum products and agricultural exports.
5. Italy – ₦1,377.37 Billion (6.72% of Total Exports)
Italy completes the top five, importing Nigerian goods valued at ₦1,377.37 billion. The country’s strong trade links with Nigeria focus on crude oil and other key commodities.
Conclusion
The dominance of European countries in Nigeria’s top export destinations underlines the region’s continued reliance on Nigerian resources. Meanwhile, the United States remains a crucial trade partner, reinforcing economic cooperation across various industries. With exports showing significant growth in 2024, Nigeria’s trade landscape continues to evolve, offering opportunities for expansion and diversification.
