Crude oil leads Nigeria’s foreign trade in Q1 2024

…As Nigeria exports N15.4trn crude

*Crude oil earnings

Mkpoikana Udoma

Port Harcourt — Nigeria’s exports trade in the first quarter of 2024 was dominated by crude oil exports valued at N15.48 trillion, representing 80.80% of total exports while the value of non-crude oil exports stood at N3,680.73 trillion accounting for 19.20% of total exports; the National Bureau of Statistics, NBS, has said.

NBS said Nigeria’s total merchandise trade stood at N31.81trillion in Q1 2024, which represents an increase of 46.27% over the value recorded in the preceding quarter, and rose by 145.58% compared to the value recorded in the corresponding period of 2023.

Data revealed that export accounted for 60.25% of total trade in the reviewed quarter with a value of N19.16trillion, showing an increase of 51.00% compared to the value recorded in Q4 2023 (N12.69trillion) and by 195.47% over the value recorded in the first quarter of 2023 (N6.4trillion).

Import for Q1 2024 accounted for N12.6trillion, giving Nigeria a trade balance of N6.52trillion.

Petroleum products, manufactured goods and agricultural goods imported from from Asia, Europe and America dominated Nigeria’s trade import for the period under review.

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