Entrepreneurng.com
Thursday, June 12, 2025
  • Business News
  • Economic News
  • Editor’s Picks
  • Advertise With Us
No Result
View All Result
Entrepreneurng.com
No Result
View All Result
Home Economic News

From Crude Oil to Cocoa: Nigeria’s Major Export Commodities in Q4 2024

by Ikenna Ngere
March 13, 2025
in Economic News
0
From Crude Oil to Cocoa: Nigeria’s Major Export Commodities in Q4 2024
497
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

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.

 

Tags: Agricultural productsCrude OilExport Commodities
Share199Tweet124
Ikenna Ngere

Ikenna Ngere

  • Trending
  • Comments
  • Latest
Prince Faisal bin Salman Al Saud

Saudi Arabia: Top 10 Richest Princes and Princesses of the Royal Family

January 4, 2025
Atlanta Jollof Festival: Nigerian Chef Wins at the West African rice dish

Atlanta Jollof Festival: Nigerian Chef Wins at the West African rice dish

July 22, 2024
Sam Bankman-Fried

FTX founder Sam Bankman-Fried has been arrested in the Bahamas

December 13, 2022
Sam Bankman-Fried

FTX founder Sam Bankman-Fried has been arrested in the Bahamas

19
THE CHANGING NATURE OF POWER IN THE KNOWLEDGE ECONOMY

THE CHANGING NATURE OF POWER IN THE KNOWLEDGE ECONOMY

3
RE-INVENTING MANAGEMENT IN THE KNOWLEDGE ECONOMY

RE-INVENTING MANAGEMENT IN THE KNOWLEDGE ECONOMY

2
MTN Skills Academy Offers Free Digital & Financial Training

Apply Now: MTN Skills Academy Offers Free Digital & Financial Training

June 12, 2025
Oshiomhole Engage in Fiery Face-off With Air Peace

Oshiomhole Engage in Fiery Face-off With Air Peace

June 12, 2025
Blackout Alert as FG Begins Critical Grid Maintenance

Blackout Alert as FG Begins Critical Grid Maintenance

June 12, 2025

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Entrepreneurng.com

Copyright © 2025

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Business News
  • Economic News
  • Editor’s Picks
  • Advertise With Us

Copyright © 2025