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SME Guide

Nigeria’s Exports to Key Markets Surge in Q2 2024

Nigeria’s exports to six major trading partners experienced a significant boost in the second quarter of 2024, according to the latest data released by the National Bureau of Statistics (NBS). The combined exports to Spain, the United States, France, India, the Netherlands, and China reached a staggering N8.88 trillion.

Spain emerged as Nigeria’s top export destination during the period, accounting for 10.34% of total exports. Crude petroleum oils and natural gas were the primary commodities driving this trade, contributing N1.63 trillion and N191.93 billion, respectively.

The United States also played a pivotal role in Nigeria’s export market, with crude petroleum oils accounting for the majority of the N1.86 trillion in total exports. However, Nigeria’s imports from the U.S. also rose, reaching N971.84 billion.

France, India, and the Netherlands were other key markets for Nigeria’s exports. Crude petroleum oils and natural gas remained the dominant commodities in these trade relationships.

Despite the impressive export figures, Nigeria’s imports from these countries also increased, reflecting a growing demand for various goods and services.

The NBS report further highlighted that the All-Commodity Group Export Price Index experienced a slight increase of 0.09% in Q2 2024, primarily driven by higher prices for mineral products and agricultural commodities.

Overall, Nigeria’s strong export performance in Q2 2024 contributed to a significant increase in foreign exchange earnings and a positive trade balance. These developments are positive indicators for the country’s economy.

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