Nigeria’s 2024 export landscape was dominated by mineral fuels, including crude oil, which accounted for $49.3 billion, or 86.8% of total export value. This massive concentration reflects the country’s deep dependence on oil as the primary driver of foreign-exchange earnings, leaving little room for volatility management when global oil prices shift.
Outside oil, the remaining export categories showed a sharply fragmented structure. Cocoa was the only non-oil export exceeding 4%, contributing $2.6 billion, while fertilisers, ores, oilseeds, copper, and aluminium all sat below 2%.
Lower-tier exports such as precious metals, cement-related products, and animal fodder each contribute only 0.4 to 0.5%.
