Nigeria’s Q1-2024 exports records 51%

(Last Updated On: )

According to latest Foreign Trade in Goods statistics report published by the National Bureau of Statistics (NBS), Nigeria’s total exports stood at N19,167.40 billion in Q1 2024 , reflecting a 51.00% rise compared to N12,693.62 billion in Q4 2023 and a 195.47% rise compared to N6,487.04 billion in Q1 2023.

According to the NBS, France, Spain, the Netherlands, India, and the United States of America topped Nigeria’s export destination with crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans as most exported commodities.

Exports of agricultural goods in Q1 2024 amounted to N1,035.02 billion, a 123.08% increase from N463.97 billion in Q4 2023 and a 270.13% rise from N279.64 billion in Q1 2023.

The value of raw material exports in Q1 2024 stood at N352.75 billion, a rise of 7.09% from N329.41 billion in Q4 2023 and by 76.48% from N199.89 billion in Q1 2023.

Similarly, crude oil exports in Q1 2024 were valued at N15,486.63 billion, a rise of 50.20% from N10,310.70 billion in Q4 2023 and by 200.79% from N5,148.58 billion in Q1 2023.

Other oil product exports in Q1 2024 stood at N1,901.88 billion, showing an increase of 47.70% from N1,287.65 billion in Q4 2023 and a 177.17% rise from N686.17 billion in Q1 2023.

Meanwhile, Nigeria’s total merchandise trade stood at N31,810.59 billion in Q1, 2024, an increase of 46.27% over the value recorded in the preceding quarter and rose by 145.58% compared to the value recorded in the corresponding period of 2023.

The NBS data shows also that export accounted for 60.25% of total trade in the reviewed quarter with a value of N19,167.36 billion, showing an increase of 51.00% compared to the value recorded in Q4 2023 (N12,693.62) and by 195.47% over the value recorded in the first quarter of 2023 (N6,487.04).

Exports trade in the first quarter of 2024 was dominated by crude oil exports valued at N15,486.63 billion representing 80.80% of total exports while the value of non-crude oil exports stood at N3,680.73 billion accounting for 19.20% of total exports; of which non-oil products contributed N1,778.85 billion or 9.28% of total exports.

On the other hand, the share of total imports accounted for 39.75% of total trade in the first quarter of 2024 with the value of imports amounting to N12,643.23 billion in Q1, 2024, indicating an increase of 39.65% over the value recorded in Q4 2023 (N9,053.78 billion) and rose by 95.53% compared to the value recorded in Q1 2023 (N6,466.10 billion).

Overall, Nigeria’s merchandise trade balance for Q1 2024 stood positive at N6,524.13 billion.

Buying and Selling FX is is easy and Safe on Nairalaw.com Agree What Nigerian Bank you ant To meet Verify and Pay the FX into your Account and Pay The Seller Easy Safe ALL Within The Banking Premises ! You can even walk into Select Banks and Ask To Speak To The Manager Code Word Nairalaw ! If anything goes wrong and you need legal representation . We are Here To Help ! YO CAN DO ONLINE FX DEALS VIA OUR DEAL ARBITER APP FREE . THEY ARE AT YOUR OWN RISK EXCEPT YOU PAY A SMALL CHARGE UPFRONT
BUY 1 MILLION UK US EMAILS AND START RESELLING ON ADVERTIS.I.NG BUY 1 Million UK US EMAILS AND START RESELLING FOR DMCA PLEASE CONTACT US
  • Related Posts

    The Nigerian Exchange Group (NgX) gets new CEO, ahead Onyema’s exit

    (Last Updated On: )The Securities and Exchange Commission (SEC)’s gave it No-Objection nod to the announcement of the appointment, of Mr. Temi Popoola as GMD/CEO designate effective 1 January 2024…

    Read more

    Q3-23 records -36.45% fall in Capital importation q-on-q in into Nigeria

    (Last Updated On: )According to The National Bureau of Statistics (NBS), Q3-2023 recorded a 36.75% fall in Capital importation into Nigeria from US$1,030.21bn in Q2 2023 to US$654.65mn, also indicating…

    Read more

    You Missed

    Court Refuses To Shut Down Gov. Fubara’s Expenditures, Orders Plaintiffs To Put Defendants On Notice

    • By admin
    • July 22, 2024
    • 8 views

    Nigerian Arbitrators Maikyau, Idornigie, Onyema, And Roberts Elevated To Permanent Court Of Arbitration

    • By admin
    • July 22, 2024
    • 7 views

    Obama Lauds Biden’s “Historic Example” Of Putting American People’s Interests First

    • By admin
    • July 22, 2024
    • 11 views

    “Biden’s Doctor And Media Knew He Wasn’t Capable”: Trump Reacts To 2024 Withdrawal

    • By admin
    • July 22, 2024
    • 7 views

    Dangote Faces Familiar Struggles Of Nigerian Entrepreneurs — Aisha Yesufu Stresses Need For Support

    • By admin
    • July 22, 2024
    • 11 views

    Dangote: I’m Halting Proposed Investment In Steel To Avoid ‘Monopoly’ Accusation

    • By admin
    • July 22, 2024
    • 9 views