Cocoa accounted for 4.6% of Nigeria’s 2024 exports, making it the country’s second-largest export after oil

  • Mineral fuels (including crude oil) accounted for $49.3 billion, or 86.8% of total exports in 2024.
  • Non-oil exports remained marginal, with the second-largest item, cocoa, contributing only 4.6%.
  • Fertilisers, ores, slag, ash, and oilseeds collectively made up less than 5%, indicating limited diversification.
  • All other export categories each contributed 1% or less, underscoring Nigeria’s narrow export base.

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%.

Source:

World's Top Exports

Period:

2024
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