By Ajibola Adedoye
Nigerian government generated about N 14.6 trillion from crude oil exported to other countries in the last 12 months, according to the statistics office trade report.
The quantum represents about 191% year-on-year growth in export bills, which published at N 5.005 trillion in the alternate quarter of 2023. The rearmost report revealed that Nigeria’s total exports grew by about 202% year-on-year amidst a drive to diversify from oil deals and induce foreign bills in the country.
In its trade report, the National Bureau of Statistics (NBS) revealed that total exports in Q2 2024 were valued at ₦ 19,418.93 billion, reflecting a 1.31% increase compared to ₦ 19,167.36 billion in Q1 2024.
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On a year-on-year base, total exports from Nigeria to other countries increased by 201.76% from ₦ 6,435.13 billion in Q2 2023 to ₦ 19,418.93 billion in Q2 2024. The statistic office stated that the top trading export partners were Spain, the United States of America, France, India, and the Netherlands in Q2 2024.
The most exported goods included crude oil, liquefied natural gas, and other petroleum feasts in a gassy state, superior- quality cocoa sap, and urea. According to NBS, exports of agrarian goods in Q2 2024 amounted to ₦ 973.69 billion, a 5.93% drop from ₦ 1,035.02 billion in Q1 2024.
On a year-on-year base, agrarian export rose by 246.67% from ₦ 280.87 billion in Q2 2023 to ₦973.69 billion. The Bureau said the value of raw material exports in Q2 2024 was ₦ 366.91 billion, which translates to an increase of 4.01% from ₦ 352.75 billion in Q1 2024.
On an periodic base, raw material exported rose by 151.96% from ₦ 145.62 billion in Q2 2023 to ₦ 366.91 billion in Q2- 2024. At the same time, solid mineral exports in Q2 2024 were valued at ₦ 58.56 billion, marking a 7.65% drop from ₦ 63.41 billion in Q1 2024.
But on year-on-year comparison, exported solid minerals grew by 71.79% from ₦ 34.09 billion in Q2 2023. to N58.56 billion in Q2- 2024. The value of manufactured goods exports in Q2 2024 was ₦480.82 billion, reflecting a 78.95% increase from ₦ 268.70 billion in Q1 2024.
On year-on-year base, this also rmean 126.65% increase from ₦212.14 billion in Q2 202 to ₦480.82 billion. Crude oil exports in Q2 2024 were valued at ₦ 14,559.56 billion, a drop of 5.99% from ₦ 15,486.63 billion in Q1 2024.
Courtesy: Market Forces Africa
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