Petroleum products dominate Nigerian exports, raking in ₦17.52 trillion, 85.52% of total value

Nigeria's export value increased by 16.8% quarter-on-quarter to ₦20.49 trillion in Q3 2024. Petroleum products (oils, liquefied natural gas, and other petroleum gases) made up 85.52% of its exports, valued at ₦17.53 trillion.

This figure highlights Nigeria's heavy reliance on the oil and gas sector for revenue, emphasising the need for diversification to reduce dependence on a single industry.

Source:

National Bureau of Statistics

<div style="text-align: center;"><a href="https://intelpoint.co/insights/petroleum-products-dominate-nigerian-exports-raking-in-%e2%82%a617-52-trillion-85-52-of-total-value/" title="Petroleum products dominate Nigerian exports, raking in ₦17.52 trillion, 85.52% of total value"><img src="https://intelpoint.co/wp-content/uploads/2024/12/Petroleum-products-dominate-Nigerian-exports-raking-in-₦17.52-trillion-85.52-of-total-value.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Petroleum products dominate Nigerian exports, raking in ₦17.52 trillion, 85.52% of total value"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Petroleum+products+dominate+Nigerian+exports%2C+raking+in+%E2%82%A617.52+trillion%2C+85.52%25+of+total+value" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

2024

HTML code to embed chart

Want a bespoke report?

Reach out

Related Insights

Nigeria's exports increase by 98% YoY to ₦20.5 trillion, with four European countries contributing 33%

Nigeria's export value rose by 16.8% quarter-on-quarter and 98% year-on-year, reaching ₦20.49 trillion in Q3 2024. Spain emerged as the top trading partner, with exports valued at ₦2.27 trillion (11%), while Italy rounded out the top five with ₦1.38 trillion (6.72%).

Morocco led Africa in phone exports, valued at $192 million in 2023

In 2023, Morocco led Africa’s phone export market with $192.2 million, making up 0.07% of the global total, followed by South Africa at $85.9 million, with a global share of 0.03%. Though Tunisia, Mauritius, and Kenya contributed smaller shares, Tunisia’s remarkable 5,456% growth stands out, positioning it for greater involvement in the global market. However, Mauritius and Kenya faced declines of -38% and -52%.

Six Asian countries and regions make up four-fifths of global mobile phone exports in 2023

In 2023, the global mobile phone export market totalled $271.42 billion, with China dominating by accounting for $137 billion (50.5%) of total exports. Vietnam, Hong Kong, and India complete the top four, accounting for 11.8%, 9.7%, and 5.3% of the total, respectively. Six Asian countries and regions make up four-fifths of global mobile phone export value in 2023, showcasing the region's dominance in the industry.

France and Spain lead as Nigeria’s top export markets in H1 2024

Nigeria's total exports reached ₦38.6 trillion in H1 2024 — ₦19.2 trillion in Q1 and ₦19.4 trillion in Q2. Spain led export destinations in Q2 with ₦2.01 trillion, followed by the US (₦1.86 trillion) and France (₦1.82 trillion).

South Africa's export value in 2023 was almost double Nigeria's

In 2023, South Africa led Africa's exports with a value of $110.7 billion, nearly double Nigeria's $60.7 billion. Key exports include gems, vehicles, and mineral fuels. The top 15 African exporters contribute 84% to the continent's trade, with South Africa, Nigeria, Algeria, Morocco, and Egypt leading with a combined 52%.

Nigeria: Q1 2024 exports value reached more than half of 2023’s total exports

In Q1 2024, there was a 146% increase in Nigeria's foreign trade value from ₦12.9t in Q1 2023, with exports reaching ₦19.2t, and surpassing the whole of 2020's exports (₦12.5t). The total trade value in the quarter reached nearly half of the total trade in 2023.