In the fourth quarter of 2023, Nigeria’s National Bureau of Statistics revealed that the largest exported product was petroleum oils and oils obtained from bituminous minerals crude. This product accounted for a whopping 81.23% of Nigeria’s total exports during that period, with a value of N10,310.70 billion.
The report also highlighted that natural gas and ‘Urea, whether or not in aqueous solution’ were the second and third largest exports, accounting for 8.00% and 1.98% of total exports respectively. The total value of exports in Q4 2023 increased by 28% to N12,693.62 billion compared to the previous quarter.
On the other hand, total imports saw a significant increase of 56.04% compared to the third quarter of 2023, reaching a value of N9,041.24 billion. The total foreign trade for the fourth quarter of 2023 amounted to N26,801.95 billion.
This data from the NBS sheds light on Nigeria’s thriving export industry, particularly in the petroleum sector. With such impressive numbers, it is clear that Nigeria plays a significant role in the global market for petroleum products.
