Nigeria’s export landscape in the fourth quarter of 2024 remained heavily dominated by crude oil, alongside a growing presence of agricultural products.
Crude oil led the export sector, with a total value of ₦13.78 trillion, making up 68.87% of the country’s total exports.
Liquefied natural gas also played a significant role in Nigeria’s exports, although exact figures were not detailed. Similarly, other petroleum gases contributed notably to the energy sector.
Agricultural exports showed strong performance, with superior quality cocoa beans exported for ₦836.23 billion, primarily to the Netherlands and Malaysia. Meanwhile, standard quality cocoa beans were valued at ₦269.34 billion, with Belgium and Italy being the top destinations.
Sesamum seeds, a high-demand commodity in China and Japan, recorded an export value of ₦202.94 billion. Additionally, natural cocoa butter, widely used in cosmetics and food processing, generated ₦104.59 billion in exports.
Other notable agricultural exports included shelled cashew nuts, valued at ₦30.7 billion, mainly exported to Vietnam and Malaysia, as well as crude shea oil, which brought in ₦24.2 billion and found applications in both cosmetics and the food industry.
Nigeria’s rich marine resources also contributed to the export sector, with frozen shrimps and prawns generating ₦23.5 billion in revenue.
Below is a breakdown of the top export commodities:
1. Crude Oil – ₦13.78 trillion, accounting for 68.87% of total exports.
2. Liquefied Natural Gas – Contributed significantly, though specific figures were not detailed.
3. Other Petroleum Gases – Played a major role in the energy sector.
4. Superior Quality Cocoa Beans – ₦836.23 billion, mainly exported to the Netherlands and Malaysia.
5. Standard Quality Cocoa Beans – ₦269.34 billion, with Belgium and Italy as major buyers.
6. Sesamum Seeds – ₦202.94 billion, exported primarily to China and Japan.
7. Natural Cocoa Butter – ₦104.59 billion, used in cosmetics and food processing.
8. Shelled Cashew Nuts – ₦30.7 billion, mainly exported to Vietnam and Malaysia.
9. Crude Shea Oil – ₦24.2 billion, utilized in cosmetics and food industries.
10. Frozen Shrimps and Prawns – ₦23.5 billion, benefiting from Nigeria’s rich marine resources.
These figures highlight Nigeria’s continued dependence on crude oil while underscoring the increasing significance of agricultural exports in the country’s trade portfolio.
