By Adedapo Adesanya
Crude oil accounted for the lion’s share of Nigeria’s exports in the first quarter of 2024 as crude oil exports valued at N15.48 trillion, representing 80.8 per cent of total exports, according to the latest data from the National Bureau of Statistics (NBS).
The value of non-crude oil exports stood at N3.68 trillion, accounting for 19.2 per cent of total exports.
Crude oil is Nigeria’s major source of foreign exchange, although challenges in production ranging from oil theft to underinvestment have restricted the country from attaining optimal levels.
Limited refining capacity also means the country exports its crude and then imports finished products through the Nigerian National Petroleum Company (NNPC) Limited.
NBS said Nigeria’s total merchandise trade stood at N31.81 trillion in Q1 2024, which represents an increase of 46.3 per cent over the value recorded in the preceding quarter and rose by 145.6 per cent compared to the value recorded in the corresponding period of 2023.
The stats office data revealed that export accounted for 60.3 per cent of total trade in the reviewed quarter with a value of N19.16trillion, showing an increase of 51 per cent compared to the value recorded in Q4 2023 (N12.69 trillion) and by 195.5 per cent over the value recorded in the first quarter of 2023 (N6.4trillion).
Import for Q1 2024 accounted for N12.6 trillion, giving Nigeria a positive trade balance of N6.52 trillion, representing a 79 per cent gain.
Petroleum products, manufactured goods and agricultural goods imported from Asia, Europe and America dominated Nigeria’s trade imports for the period under review.
Modupe Gbadeyanka