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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