5 Countries Nigeria Made The Most Money From in Q1 2024

Nigeria’s export revenues are critical to its economy, driving growth and producing needed foreign currency. While crude oil remains the most important export, the government is making significant strides on diversifying its export base to include agriculture, solid minerals, and manufactured goods. In addition, Nigeria is working to expand its trade partners.

Nigeria’s overall goods trade value in Q1 2024 was ₦31,810.59 billion. This is a 46.27% increase over the previous quarter’s value, as well as a 145.58% increase over the same time in 2023. This is based on data from the National Bureau of Statistics.

Nigeria’s exports totaled ₦19,167.40 billion, up 195.47% from ₦6,487.04 billion in Q1 2023 and 51.00% from ₦12,693.62 billion in Q4.

In the first quarter of 2024, exports accounted for 60.25% of total trade volume. Nigeria’s exports was ₦17,510.57 billion, with mineral commodities accounting for 91.36% of the total.

‘Prepared foodstuffs; drinks, spirits, and vinegar; tobacco’ (valued at ₦472.82 billion or 2.47% of total exports) and ‘Vegetable goods’ (worth ₦589.57 billion or 3.08% of total exports) were second and third, respectively.

Europe is the main export destination, accounting for 43.43% of total exports (₦8,325.27 billion). Asia ranked second with a 27.02% stake (₦5,179.14 billion).

With that said, below are the top five countries that contributed the most to Nigeria’s revenue in the first quarter of 2024 through exports.

RankCountryExport% of export
1.FranceN2,125.03 billion11.09%
2.SpainN2,023.54 billion10.56%
3.NetherlandsN1,695.44 billion8.85%
4.IndiaN1,611.39 billion8.41%
5.United StatesN1,211.16 billion6.84%

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