Crude Oil, LNG Make List Of Top 10 Export Commodities In Nigeria
- Crude oil and various agricultural items accounted for the majority of Nigeria's top exports in Q4 2024.
- Nigeria recorded a total of N138.03 trillion in commerce in 2024, according to the National Bureau of Statistics
- The top export products during this period were Crude Oil, Liquefied Natural Gas, Other Petroleum Gases and others
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigeria’s top export products were dominated by crude oil and several agricultural goods in Q4 2024.
According to the National Bureau of Statistics (NBS), Nigeria recorded a total of N138.03 trillion worth of trade in 2024.
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This represents a 106.55% increase compared to the N66.82 trillion reported in the same period of 2023.
An analysis of the trade data shows that the total value of goods exported from Nigeria between January and December 2024 stood at N77.44 trillion, accounting for 56.10% of the total trade recorded in the year.
On the other hand, Nigerians imported goods worth N60.59 trillion from various countries around the world. The figures indicate that Nigeria recorded a trade surplus of N16.85 trillion in 2024, the highest in 17 years.
The figures indicate that Nigeria recorded a trade surplus of N16.85 trillion in 2024, the highest in 17 years.
A trade surplus, an economic measure of a positive trade balance, occurs when a country’s exports exceed its imports.
Here are the key highlights:
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- Crude Oil: Valued at N13.78 trillion, it accounted for 68.87% of total exports.
- Liquefied Natural Gas: Contributed significantly, though specific figures were not detailed in the sources.
- Other Petroleum Gases: Also a major export, contributing to the energy sector.
- Superior Quality Cocoa Beans: Exported for N836.23 billion, primarily to the Netherlands and Malaysia.
- Standard Quality Cocoa Beans: Valued at N269.34 billion, with major markets in Belgium and Italy.
- Sesamum Seeds: Exported for N202.94 billion, with significant demand from China and Japan.
- Natural Cocoa Butter: Worth N104.59 billion, used in various industries including cosmetics.
- Shelled Cashew Nuts: Valued at N30.7 billion, with major exports to Vietnam and Malaysia.
- Crude Shea Oil: Exported for N24.2 billion, utilized in cosmetics and food industries.
- Frozen Shrimps and Prawns: Contributed N23.5 billion to exports, benefiting from Nigeria’s rich marine resources.
These products reflect Nigeria’s strong reliance on crude oil while also showcasing growth in agricultural exports.
Oyedele highlights key benefits of GDP rebasing
Legit.ng reported that Rebasing Nigeria’s economy sends a strong positive signal to investors, encouraging them to reconsider and take investment opportunities in Nigeria more seriously.
This is according to Mr Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.
Speaking at the Lagos Chamber of Commerce and Industry (LCCI) 2025 Economic Review and Outlook Conference in Lagos, Oyedele noted that rebasing the GDP is an economic adjustment that would positively impact the country’s projected tax-to-GDP ratio and the measurement of per capita income, thereby enhancing investor perception.
