The National Bureau of Statistics (NBS) has disclosed that crude oil exports accounted for 80.80 percent of Nigeria’s export figure in the first quarter of 2024.
The NBS, which made this disclosure in its latest foreign goods trade data report, stated that crude oil exports stood at N15,486.63 billion in Q1 2024.
Conversely, non-crude oil exports stood at N3,680.73 billion, accounting for 19.20 percent of total exports.
According to the data report, this brings the country’s total exports in the quarter under review 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.
The report added that the country’s imports in Q1 2024 stood at N12,643.23 billion.
In Q4, Nigeria recorded a trade surplus as exports outweighed imports.
