Crude oil exports accounted for 80.80 percent of Nigeria’s export figure in the first quarter of 2024, according to the National Bureau of Statistics’ latest foreign goods trade data. The report showed that crude oil exports stood at N15,486.63 billion in Q1 2024. Conversely, non-crude oil exports amounted to N3,680.73 billion, accounting for 19.20 percent of total exports. This brings the country’s total exports for the quarter to N19,167.36 billion.

“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,” the report stated.

Meanwhile, Nigeria’s imports in Q1 2024 stood at N12,643.23 billion. In Q4, Nigeria recorded a trade surplus as exports outweighed imports.