Crude oil exports accounted for 80.8% of Nigeria’s exports in the first quarter of 2024, according to the National Bureau of Statistics’ latest foreign goods trade data.
The report showed that crude oil exports stood at N15,486.63 billion, while non-crude oil exports stood at N3,680.73 billion, accounting for 19.2% of total exports, bringing the country’s total exports in the quarter under review to N19,167.36 billion.
“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,” the report stated.
Meanwhile, the country’s imports in Q1 2024 stood at N12,643.23 billion.
In Q4 2023, Nigeria recorded a trade surplus as exports outweighed imports.
