88% of Nigeria's 2024 exports came from crude oil and co., 5.73% from agriculture

Key Takeaways:

  • Petroleum products (crude oil and other oil products) dominated Nigeria's export landscape in 2024, accounting for 88.26% of total export value.
  • Agricultural exports contributed 5.73% to export value, despite Nigeria's significant agricultural potential.
  • The manufacturing sector made up just 2.95% of the total export value.
  • Nigeria’s total export value reached ₦77.44 trillion in 2024 from ₦35.96 trillion in 2023.
  • Non-oil sectors collectively made up less than 12% of export value.

In 2024, Nigeria’s export landscape remained heavily dominated by the oil sector. Crude petroleum alone generated more than ₦55 trillion in export revenue, accounting for 71.39% of the country’s total exports. When combined with other petroleum products, the oil sector's contribution reached an extraordinary 88.26% of Nigeria's export value.

This pronounced concentration on the petroleum sector underscores Nigeria's continued economic reliance on oil exports despite longstanding diversification efforts.

Meanwhile, non-oil exports played a comparatively minor role in Nigeria’s trade. Agricultural products contributed 5.73% to total exports, while manufacturing exports made up 2.95%, and raw materials accounted for 2.38%.

Source:

National Bureau of Statistics

Period:

2024
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Ghana’s exports

  • Gold bullion dominates exports, contributing ¢163.0B (55.3%) of total exports.

  • Petroleum oils follow distantly at ¢52.6B (17.8%).

  • Cocoa (beans, paste, butter) remains a vital sector, collectively worth ¢24.7B (8.4%).

  • Manganese, cashew, tuna, iron/steel, and shea oil are niche contributors, each under 2% of exports.

  • All other products still make up a significant 14.4% (¢42.4B), showing potential for export diversification.
Apapa Port accounted for 71.6% of Nigeria’s total trade value in Q1 2025 and 86.12% of total exports
  • Apapa Port accounted for 71.6% of Nigeria’s total trade value in Q1 2025 and 82.12% of total exports
  • Apapa Port handled ₦25.79 trillion worth of goods in Q1 2025, representing 71.6% of total trade. It remains the country’s primary trade hub, far surpassing all other ports combined.
  •  Apapa alone facilitated ₦17.74 trillion or 86.1% of Nigeria’s total exports, showing a high dependency on a single location for outbound goods.
  • Tin Can Island is the only meaningful secondary hub With ₦3.44 trillion (9.5%) in total trade, ranking a distant second. It’s the only other port contributing more than ₦1 trillion each to imports and exports.
  • Lekki has limited export impact, despite handling ₦1.70 trillion in imports. Lekki contributed only ₦0.30 trillion (1.5%) in exports, indicating underutilization for outbound trade.
  • Murtala Muhammed International Airport processed just ₦647.91 billion (1.8%) of total trade, reinforcing that Nigeria’s international trade remains heavily maritime-focused.
Nigeria’s foreign trade
  • Total Trade Volume in Q1 2025 stood at ₦36.02 trillion, with exports totalling ₦20.6 trillion and imports at ₦15.4 trillion, resulting in a surplus of ₦5.17 trillion.
  • Crude oil dominates Nigeria’s export trade, accounting for the largest share of export revenue. -
  • Other petroleum oil products are also a major export item, reflecting the significance of both raw and refined oil-based commodities in Nigeria’s trade portfolio. -
  • On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
  • While Nigeria exports mostly raw and oil-based products, it imports refined, processed, or industrial goods, indicating a structural trade gap and limited local industrial capacity. -
  • Agricultural and raw material goods feature on both sides of trade, but their value is significantly less than petroleum-related trade.
China topped Nigeria’s import sources with ₦4.66 trillion, while India led the export destinations with ₦2.84 trillion in Q1 2025
  • India is Nigeria’s largest export destination Nigeria exported ₦2.84 trillion worth of goods to India in Q1 2025, driven largely by crude oil.
  • China dominates imports into Nigeria China supplied ₦4.66 trillion worth of goods, far outpacing all other countries. Likely dominated by electronics, machinery, and manufactured goods.
  • The United States appears on both sides. Nigeria exports ₦1.54 trillion to the US and imports ₦1.42 trillion, showing a relatively balanced trade relationship.
  • European countries are major export Partners Netherlands (₦2.30T), France (₦1.44T), and Spain (₦1.44T) are prominent export destinations, indicating strong demand for Nigerian crude oil and other commodities in Europe.
  • UAE barely makes the import list. The UAE closes out the top import list at ₦0.61 trillion, showing relatively lower trade volume compared to others, but still significant enough to be in the top 5.
Cocoa led Nigeria’s agricultural exports by value in Q1 2025, with over ₦1.2B
  • The value of agricultural goods exported in Q1 2025 rose to ₦1.70 trillion, up 64.65% year-on-year and 10.63% quarter-on-quarter, highlighting continued growth in the sector.
  • Standard and superior cocoa beans led the chart, contributing a combined ₦1.23 trillion, with major buyers being The Netherlands (₦344.17B) and Belgium (₦203.17B).
  • Cashew nuts in shell earned ₦157.63B, mostly exported to India (₦87.56B) and Vietnam (₦69.74B), while sesamum seeds brought in ₦128.18B.
  • Soya bean flours and ornamental flowers fetched ₦27B and ₦18B respectively, showing Nigeria's export mix is broadening.
China dominated Nigeria’s generator market in 2024, supplying nearly 70% of imports
  • Nigeria imported $281 million worth of generator sets in 2024.
  • China remained the dominant supplier, accounting for $195 million, or nearly 70% of total imports.
  • Other top suppliers included India ($20.6M), Germany ($15.4M), and South Korea ($16.5M).
  • Compared to 2023, imports from China dipped slightly (from $202M to $195M), and other countries like Germany and India also saw declines.
  • The data captures a wide range of generator types — petrol, diesel, wind-powered, and rotary converters — under HS Code 8502.
  • Mirror data reflects only officially reported trade and excludes informal or undocumented imports.
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