- Exports to the top ten countries represent 71.1% of Nigeria’s total exports in Q1, 2024
- France bursts straight to the top having not featured among the top ten in Q4, 2023
- China- Nigeria’s biggest trader in terms of imports dropped out of the top ten for exports in Q1, 2024
In the first quarter of 2024, Nigeria’s total exports increased by 51% from N12.69 trillion in the preceding quarter (Q4, 2023) to N19.16 trillion. On a year-on-year basis, total exports grew by 195% from N6.48 trillion recorded in Q1, 2023.
The country’s top exports during the period were crude oil and gas products, sesamum seeds, urea and superior-quality cocoa.
Nigeria has several trade partners where it exports most of its goods with Spain, India, and the US historically coming tops as export destinations.
However, this quarter we observed a major change in the country’s top export destination.
In total, the top 10 countries for exports received N13.63 trillion of the total N19.16 trillion worth of exports in the period under review. This represents around 71.1% of the country’s total exports during the period.
Below are the top ten destination countries of Nigeria’s exports during the period.
10. Ivory Coast: The total value of exports to this fellow West African country during the period stood at N744.5 billion.
- Crude oil exports to this country stood at N717.49 billion while non-crude oil exports were a mere N27.09 billion.
- Its share of Nigeria’s total exports during the period under review was 3.88%. Ivory Coast is a surprise addition to the list, it didn’t feature in the top ten during the preceding quarter (Q4, 2023).
9. Italy: Total exports to this country in Q1 was N904.27 billion of which crude oil exports stood at N875.94 billion.
- Non-crude oil exports during the period were N28.3 billion. The country’s share of Nigeria’s total exports was 4.72% in Q1, 2024.
- This country fell a step below its rank in Q4 2023 despite an increase in imports of Nigerian goods from N549.83 billion recorded in Q4, 2023.
8. South Africa: The Rainbow nation received N957.1 billion worth of Nigerian goods in the first three months of the year.
- Of this figure, crude oil exports were N953.5 billion while non-oil exports were a meagre N3.5 billion. The country’s share of Nigeria’s total exports stood at 4.99%.
- South Africa improved on its import of Nigerian goods both in ranking and value of goods. Total exports from Nigeria in Q4, 2023 was N543.71 billion.
7. Canada: Nigeria exported goods worth N1.11 trillion to Canada in the period under review of which crude oil exports stood at N1.09 trillion.
- Non-oil exports during the period was N12.06 billion. Its share of Nigeria’s exports for the period was 5.79%.
- Exports increased during the period from N907.64 billion recorded in the preceding quarter.
- However, the country maintained its position in both periods.
6. Indonesia: the value of exports to this country in Q1 2024 was N1.14 trillion.
- Crude oil exports stood at a whopping N1.10 trillion while non-oil exports was N41.57 billion.
- In the period under review, 5.98% of Nigeria’s exports went to Indonesia.
5. United States of America (USA): Nigeria’s total exports to the U.S. in Q1 stood at N1.31 trillion of which crude oil sales represented a whopping N1.20 trillion.
- Non-oil exports to the U.S. stood at N102.96 billion while the country’s share of Nigeria’s total exports for the period is 6.84%.
- There was a significant increase in exports to the U.S. when compared to the preceding quarter’s figure of N729.5 billion.
4. India– Total exports to India in Q1, 2024 was N1.61 trillion.
- Crude oil exports stood at N1.30 trillion while non–oil exports was N306.5 billion.
- Its share of total exports is 8.41%. Despite losing its second position as the country receiving the most exports, its exports increase from N1.10 trillion to the current figure.
3. Netherlands: Total exports from Nigeria during the period under review is N1.69 trillion.
- The country received oil worth around N1.49 trillion while non-oil goods stood at N196.64 billion.
- The country received 8.85% of Nigeria’s exports between January and March 2024.
- This country dropped from its first position in the preceding quarter to third position. Exports to the country in Q4, 2023 was N1.91 trillion- a decline when compared to the current figure.
2. Spain: Total exports to the country in Q1 2024 was N2.02 trillion. Crude oil exports were N1.72 trillion while non-crude oil exports were valued at N302.11 billion.
- Its share of Nigeria’s total exports for the period was 10.56%.
- Exports to this country increased from N1.03 trillion in Q4, 2023 to the current figure.
1. France: This country received N2.12 trillion worth of goods to rank first as Nigeria’s top export destination in Q1, 2024.
- Crude oil exports were valued at N1.86 trillion while non-crude oil exports were valued at N261.18 billion.
- France was a surprised entrant into the top ten ranking having not featured among the top ten in the preceding quarter.
- In the fourth quarter of 2023, exports to France stood at N799.76 billion. When compared to the figure for the corresponding quarter of 2023, exports to France increased by 331% from N487.3 billion in Q1, 2023.
