Breaking News: Exports of commodities from Nigeria increase by 201.7% in one year. Crude oil remained the chief driver of exports, among other products like cocoa, cashew nuts, tea, yam, gold etc.
This data is contained in a report titled “Foreign Trade in Goods Statistics” released by the National Bureau of Statistics (NBS). The total quantum of exports amounts to N19.4 trillion according to the report.
Excerpts from the report made available to 9am News Nigeria read “In the quarter under review, exports accounted for 60.89% of total trade with a value of N19,418.93 trillion, showing a marginal increase of 1.31% compared to the value recorded in Q1 2024 (N19,167.36) and a 201.76% rise over the value recorded in the second quarter of 2024 (N6,435.13)”.
Exports Statistics
The Bureau of Statistics said crude oil continues to be the dominant product of export with a total export value of N14.5 trillion representating 75% of the total exports in Q3 2024, while non-crude products accounted for 25% of the total exports.
Data from the report show a 6% decline in crude oil exports in Q3 2024 compared to the value of crude exports recorded in Q2 2024.
The report also showed that the total value of international trade (exports and imports) in Nigeria stood at N31.8 trillion representating a 3.7% decrease from the previous quarter.
However compared with the previous year (2023) there has been a 150.4% increase in the total value of trade within the same time frame.
The report also named India, France, Spain, The United States and Netherlands as Nigeria’s top partners in international trade.
Agricultural products such as beans, cocoa, yam, urea, cashew nuts and corn also stood prominently among the items of export.
Plagued by severe scarcity of foreign exchange, Nigeria has been jostling to boost its export operations in order to earn more foreign exchange and stabilize its economy.
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