Nigeria’s crude oil exports generated N14.56 trillion in the second quarter of 2024, accounting for 74.98% of the country’s total export value, according to a report released by the National Bureau of Statistics (NBS) on Wednesday. The report, titled ‘Foreign Trade in Goods Statistics (Q2 2024)’, highlighted the central role of crude oil in Nigeria’s export economy.
The country’s total merchandise trade for the period stood at N31.89 trillion, reflecting a 3.76% decline compared to the first quarter of 2024, but a remarkable 150.39% increase from the N12.74 trillion recorded in Q2 2023.
During the second quarter, exports made up 60.89% of total trade, amounting to N19.42 trillion, a slight increase of 1.31% over the N19.17 trillion from Q1 2024 and a staggering 201.76% rise from N6.44 trillion in the corresponding quarter of the previous year.
Non-Oil Exports and Trade Figures
While crude oil remained dominant, non-crude oil exports were valued at N4.86 trillion, representing 25.02% of total exports for the quarter. Within this, non-oil products contributed N1.94 trillion, making up 10.01% of overall exports.
The report further emphasized the increasing value of imported manufactured goods, which surged to N16 trillion between April 2023 and March 2024. This marked a 60% rise in imported goods compared to the previous year.
Implications for Nigeria’s Economy
The heavy reliance on crude oil exports underscores the challenges and opportunities facing Nigeria’s economy as it seeks to diversify and reduce dependence on oil revenues. The increase in trade volume and export value, however, signals positive growth, even as non-oil sectors gradually expand their contributions.
Industry experts continue to stress the importance of supporting non-oil sectors, as well as tackling the issues surrounding crude oil theft and production crises that hinder the full potential of the sector .
