Nigeria earned N13.78trn from crude oil in Q4 2024 — NBS
By Seun Ibiyemi
The National Bureau of Statistics (NBS) has reported that Nigeria generated ¦ 13.78 trillion from crude oil exports in the fourth quarter of 2024.
This information was detailed in the bureau’s latest publication, “Foreign Trade Statistics Report 2024 Q4”, which provides insights into the country’s trade performance.
The report indicates that Nigeria’s non-oil exports for the period totalled ¦ 2.8 trillion, while non-crude oil exports stood at ¦ 6.2 trillion. Crude oil remained the dominant contributor to the country’s export trade, accounting for 68.87% of total exports.
According to the NBS: “Nigeria’s exports trade continued to be dominated by crude oil in the fourth quarter of 2024, valued at ¦ 13.783 trillion, representing 68.87% of total exports. Non-crude oil exports amounted to ¦ 6.231 trillion, making up 31.13% of total exports, while non-oil products contributed ¦ 2.842 trillion, or 14.20% of total exports.”
The total trade volume for Nigeria in Q4 2024 was ¦ 36.60 trillion, comprising ¦ 20.01 trillion in exports and ¦ 16.5 trillion in imports.
“Nigeria’s total merchandise trade stood at ¦ 36.60 trillion in Q4 2024. This marks a 68.32% increase compared to the ¦ 21.75 trillion recorded in the same period of 2023 and a 2.20% rise from the ¦ 35.82 trillion reported in Q3 2024.”
Exports accounted for 54.68% of total trade, with a 57.67% rise compared to Q4 2023. However, exports declined by 2.55% when compared to the previous quarter, Q3 2024, which recorded ¦ 20.54 trillion.
During the fourth quarter of 2024, Asia was Nigeria’s leading import source, with imports valued at ¦ 8.87 trillion, representing 53.46% of total imports.
Other key import sources included: Europe – ¦ 5.30 trillion (31.92% of total imports); America – ¦ 1.87 trillion (11.29%); Oceania – ¦ 30.06 billion (0.22%).
Imports from African countries totalled ¦ 514.96 billion, making up 3.10% of total imports, with ¦ 77.10 billion sourced from ECOWAS countries, representing 0.46% of total imports.
The latest trade figures highlight Nigeria’s continued reliance on crude oil exports, while also reflecting efforts to increase non-oil exports and maintain trade partnerships across various regions.
