Crude oil contributed N14.56tn to Nigeria’s exports in Q2 – Report

Crude oil exports contributed N14.56 trillion to the country’s total exports in the second quarter of the year, making up 74.98 per cent of the total export value, according to the Nigeria Bureau of Statistics.

The NBS, in a report titled ‘Foreign Trade in Goods Statistics (Q2 2024)’ released on Wednesday, stated that the country’s total merchandise trade for the period stood at N31.89tn, reflecting a decline of 3.76 per cent from the previous quarter but a 150.39 per cent increase compared to the N12.74tn recorded in the second quarter of 2023.

In the quarter under review, exports accounted for 60.89 per cent of the total trade, amounting to N19.42tn.

This marks a 1.31 per cent over the N19.17tn recorded in the first quarter of the year and a 201.76 per cent increase from the N6.44tn registered in the second quarter of the previous year.

It added that non-crude oil exports, valued at N4.86tn, represented 25.02 per cent of the total export trade, a contribution though still overshadowed by crude oil.

Of this amount, non-oil products contributed N1.94tn, accounting for 10.01 per cent of total exports.

The total value of manufactured goods imported into Nigeria hit N16tn between 2023 and 2024.

The value of the manufactured goods imported into the country between April 2023 and March 2024 increased by 60 per cent when compared to the value of manufactured products imported during the prior period.