Nigeria’s export sector in the fourth quarter of 2024 was heavily dominated by crude oil and various agricultural products, according to data from the National Bureau of Statistics (NBS). The country’s total exports were valued at approximately N20 trillion, with crude oil leading the way as the primary export product.
Crude oil remained the backbone of Nigeria’s export economy, generating N13.78 trillion in revenue and accounting for a staggering 68.87% of the nation’s total exports in Q4’24.
As Africa’s largest oil producer, Nigeria continues to rely on crude oil as a crucial foreign exchange earner despite ongoing efforts to diversify the economy.
Liquefied Natural Gas (LNG) and other petroleum gases also played a significant role in the export portfolio, bolstering the country’s position as a major energy exporter.
Although specific figures for LNG exports were not disclosed, they contributed substantially to the revenue stream, reflecting the continued global demand for Nigeria’s natural gas resources.
Aside from crude oil, agricultural products also made substantial contributions to Nigeria’s export earnings.
Cocoa products led the agricultural segment, reflecting Nigeria’s status as one of the world’s top cocoa producers.
Superior quality cocoa beans were exported to key markets such as the Netherlands and Malaysia, generating N836.23 billion, while standard quality cocoa beans followed with exports valued at N269.34 billion, primarily to Belgium and Italy.
Natural cocoa butter, an essential ingredient in the cosmetics and food industries, contributed N104.59 billion.
Sesamum seeds, known for their versatility in food and health products, brought in N202.94 billion, with China and Japan being the primary destinations.
Shelled cashew nuts also made a mark, earning N30.7 billion, with significant exports to Vietnam and Malaysia.
Crude shea oil, valued at N24.2 billion, found applications in both the cosmetics and food industries, reflecting the increasing global demand for natural ingredients.
Nigeria’s rich marine resources contributed to the export landscape with frozen shrimps and prawns, valued at N23.5 billion. These seafood products remain highly sought after in international markets due to their quality and flavor.
While crude oil continues to dominate Nigeria’s export sector, the growth of agricultural exports indicates gradual diversification.
However, economic analysts emphasize the need for further investment in non-oil sectors to reduce the country’s reliance on fossil fuels and mitigate risks associated with global oil price volatility.
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