PENTALK360 
The Nigerian government has generated approximately ₦14.6 trillion from crude oil exports in the past 12 months, according to the latest trade report from the National Bureau of Statistics (NBS). This figure represents a significant 191% year-on-year growth, up from ₦5.005 trillion reported in the second quarter (Q2) of 2023.
The NBS report highlighted that Nigeria’s total exports surged by 202% year-on-year as the country continues its efforts to diversify its economy and boost foreign revenue. Total exports in Q2 2024 were valued at ₦19,418.93 billion, marking a slight increase of 1.31% from ₦19,167.36 billion recorded in the first quarter (Q1) of 2024.
Year-on-year, the total export value increased by 201.76%, rising from ₦6,435.13 billion in Q2 2023 to ₦19,418.93 billion in Q2 2024. Nigeria’s top export destinations in Q2 2024 were Spain, the United States, France, India, and the Netherlands.
The leading export commodities included crude oil, liquefied natural gas, other petroleum gases, premium-quality cocoa beans, and urea. The report noted that agricultural exports in Q2 2024 were valued at ₦973.69 billion, reflecting a 5.93% decline from ₦1,035.02 billion in Q1 2024. However, on a year-on-year basis, agricultural exports rose by 246.67% from ₦280.87 billion in Q2 2023 to ₦973.69 billion in Q2 2024.
Raw material exports in Q2 2024 amounted to ₦366.91 billion, marking a 4.01% increase from ₦352.75 billion in Q1 2024, and a 151.96% rise from ₦145.62 billion in Q2 2023. Solid mineral exports declined by 7.65% in Q2 2024, reaching ₦58.56 billion, compared to ₦63.41 billion in Q1 2024. Nevertheless, on a year-on-year basis, solid mineral exports increased by 71.79% from ₦34.09 billion in Q2 2023.
The value of manufactured goods exports in Q2 2024 surged by 78.95% to ₦480.82 billion, up from ₦268.70 billion in Q1 2024, representing a 126.65% increase year-on-year from ₦212.14 billion in Q2 2023.
Crude oil exports in Q2 2024 were valued at ₦14,559.56 billion, representing a 5.99% decline from ₦15,486.63 billion in Q1 2024. Despite the quarterly drop, the overall growth in export revenue is notable amid ongoing efforts to diversify Nigeria’s economy.
