In the first quarter of 2024, Nigeria’s total exports reached ₦19,167.40 billion, marking a significant 51.00% increase from ₦12,693.62 billion in Q4 2023 and an impressive 195.47% surge compared to ₦6,487.04 billion in Q1 2023.
The primary commodities exported to African countries during this period included:
Petroleum oils and oils obtained from bituminous minerals are valued at ₦2,028.20 billion, accounting for 90.67% of total exports to Africa.
Electrical energy: ₦58.65 billion (2.62%).
Urea, whether or not in aqueous solution: ₦30.42 billion (1.36%).
Cement clinkers: ₦12.04 billion (0.54%).
Flours and meals of soya beans**: ₦9.41 billion (0.42%).
These top five products constituted 95.61% of Nigeria’s total exports to Africa.
Exports to ECOWAS member states amounted to ₦1,250.71 billion, while imports from these states were valued at ₦113.04 billion.
The top fifteen destination countries for Nigeria’s exports in Q1 2024 were as follows:
1. Ivory Coast: ₦744.59 billion
2. Senegal: ₦361.29 billion
3. Benin: ₦55.67 billion
4. Togo: ₦38.01 billion
5. Ghana: ₦33.75 billion
6. Niger: ₦6.72 billion
7. Burkina Faso: ₦3.29 billion
8. Mali: ₦3.01 billion
9. Sierra Leone: ₦1.16 billion
10. Gambia: ₦1.09 billion
11. Guinea-Bissau: ₦1.06 billion
12. Liberia: ₦895.93 million
13. Mauritania: ₦604.34 million
14. Guinea Republic: ₦149.38 million
15. Cape Verde Islands: ₦17.99 million
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