According to latest Foreign Trade in Goods statistics report published by the National Bureau of Statistics (NBS), Nigeria’s total exports stood at N19,167.40 billion in Q1 2024 , reflecting a 51.00% rise compared to N12,693.62 billion in Q4 2023 and a 195.47% rise compared to N6,487.04 billion in Q1 2023.
According to the NBS, France, Spain, the Netherlands, India, and the United States of America topped Nigeria’s export destination with crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans as most exported commodities.
Exports of agricultural goods in Q1 2024 amounted to N1,035.02 billion, a 123.08% increase from N463.97 billion in Q4 2023 and a 270.13% rise from N279.64 billion in Q1 2023.
The value of raw material exports in Q1 2024 stood at N352.75 billion, a rise of 7.09% from N329.41 billion in Q4 2023 and by 76.48% from N199.89 billion in Q1 2023.
Similarly, crude oil exports in Q1 2024 were valued at N15,486.63 billion, a rise of 50.20% from N10,310.70 billion in Q4 2023 and by 200.79% from N5,148.58 billion in Q1 2023.
Other oil product exports in Q1 2024 stood at N1,901.88 billion, showing an increase of 47.70% from N1,287.65 billion in Q4 2023 and a 177.17% rise from N686.17 billion in Q1 2023.
Meanwhile, Nigeria’s total merchandise trade stood at N31,810.59 billion in Q1, 2024, an increase of 46.27% over the value recorded in the preceding quarter and rose by 145.58% compared to the value recorded in the corresponding period of 2023.
The NBS data shows also that export accounted for 60.25% of total trade in the reviewed quarter with a value of N19,167.36 billion, showing an increase of 51.00% compared to the value recorded in Q4 2023 (N12,693.62) and by 195.47% over the value recorded in the first quarter of 2023 (N6,487.04).
Exports trade in the first quarter of 2024 was dominated by crude oil exports valued at N15,486.63 billion representing 80.80% of total exports while the value of non-crude oil exports stood at N3,680.73 billion accounting for 19.20% of total exports; of which non-oil products contributed N1,778.85 billion or 9.28% of total exports.
On the other hand, the share of total imports accounted for 39.75% of total trade in the first quarter of 2024 with the value of imports amounting to N12,643.23 billion in Q1, 2024, indicating an increase of 39.65% over the value recorded in Q4 2023 (N9,053.78 billion) and rose by 95.53% compared to the value recorded in Q1 2023 (N6,466.10 billion).
Overall, Nigeria’s merchandise trade balance for Q1 2024 stood positive at N6,524.13 billion.
