Crude oil exports contributed N14.56bn to the country’s total exports in the second quarter of the year, making up 74.98 per cent of the total export value, according to the Nigeria Bureau of Statistics.
In a report titled ‘Foreign Trade in Goods Statistics (Q2 2024)’ released on Wednesday, the NBS said that the country’s total merchandise trade for the period stood at N31.89bn, showcasing a decline of 3.76 per cent from the previous quarter but a 150.39 per cent increase compared to the N12.74bn recorded in the second quarter of 2023.
In the quarter under review, exports accounted for 60.89 per cent of the total trade, amounting to N19.42bn.
This marks a 1.31 per cent over the N19.17bn recorded in the first quarter of the year and a 201.76 per cent increase from the N6.44bn registered in the second quarter of the previous year.
Non-crude oil exports accounted for 25.02% of Nigeria’s total export trade, valued at N4.86 billion. While this represents a significant contribution, it is still overshadowed by crude oil exports. Non-oil products contributed N1.94 billion, representing 10.01% of total exports.
Reports indicate that the total value of manufactured goods imported into Nigeria between 2023 and 2024 reached N16 trillion. The value of manufactured goods imported during this period increased by 60% compared to the previous period.
This article was written by Tamaraebiju Jide, a student at Elizade University
