Crude oil contributed N14.56trn to Nigeria’s exports in Q2 2024

Crude oil exports accounted for 74.98 percent of Nigeria’s total export value in the second quarter of 2024, according to the Nigeria Bureau of Statistics (NBS).

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

According to the data, crude oil exports contributed N14.56bn to the country’s total exports in the second quarter of the year.

The data showed that the most exported commodities in the period under review included crude oil, liquefied natural gas, and other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.

In Q2 2024, Nigeria’s total exports were valued at N19,418.93 billion, reflecting a 1.31 percent increase compared to N19,167.36 billion in Q1 2024 and a 201.76 percent rise compared to N6,435.13 billion in Q2 2023.

Conversely, the value of total imports in the period under review stood at N12,473.53 billion.