France Tops List Of Nigerian Export Destinations In Early 2024

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Nigeria’s overall exports increased to N19.16 Trillion in the first quarter of 2024 from N12.69 Trillion the previous quarter, a 51 percent increase. When compared to the N6.48 Trillion registered over the same period last year, this indicates an astounding 195 percent rise.

 

With N2.12 Trillion worth of commodities received in Q1 2024, France became Nigeria’s biggest export destination. Given that France did not even rank in the top 10 in the final quarter of 2023, this is a notable increase.

 

China, which has been Nigeria’s biggest trading partner in terms of imports, dropped out of the top ten export destinations in Q1 2024. This marks a notable shift in trade dynamics.

 

The primary goods exported by Nigeria during this period included crude oil, gas products, sesamum seeds, urea, and high-quality cocoa. These products have been consistent pillars of Nigeria’s export economy.

 

The top ten countries accounted for 71.1 percent of Nigeria’s total exports in Q1 2024, amounting to N13.63 Trillion. This indicates a concentration of export activities among a few key nations.

 

Spain was the second-largest recipient of Nigerian exports, with a total of N2.02 Trillion. The majority of this, N1.72 Trillion, was crude oil. Exports to Spain increased from N1.03 Trillion in the previous quarter.

 

The Netherlands came in third, receiving N1.69 Trillion worth of Nigerian goods. This is a drop from the N1.91 Trillion recorded in the last quarter of 2023.

 

India, historically one of Nigeria’s top export destinations, was fourth with N1.61 trillion. Crude oil made up N1.30 Trillion of this figure. Despite losing its second place, exports to India grew from N1.10 Trillion in the previous quarter.

 

The United States received N1.31 Trillion in Nigerian exports, securing the fifth spot. This is a significant increase from the N729.5 Billion recorded in Q4 2023.

 

Indonesia was sixth with exports totalling N1.14 Trillion, followed closely by Canada at N1.11 Trillion. Both countries primarily imported crude oil from Nigeria.

 

South Africa ranked eighth, with Nigerian exports worth N957.1 Billion. This is an increase from N543.71 Billion in the previous quarter, showing a positive trend in trade relations.

 

Italy and Ivory Coast rounded out the top ten, with exports of N904.27 Billion and N744.5 Billion, respectively. Italy saw a slight drop in ranking, while Ivory Coast was a new entrant to the top ten list.

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