Top export destination countries for Nigerian goods

Top export destination countries for Nigerian goods
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Top export destination countries for Nigerian goods [BI Africa]

Total export of mineral products accounted for 91.36% of the total export goods.

Nigeria recorded a trade surplus of ₦6.52 trillion in the first quarter of 2024 (Q1’24) with the main contribution coming from the top five major export destinations.

The report further noted that In Q1 ’24, total value of exports during the period stood at ₦19.2 billion, and indicated a 51% increase when compared to ₦12.7 billion recorded in Q4 2023 and 195.47% increase from ₦6.5 billion recorded in Q1 2023.

Top 5 export destination countries for Nigerian goods

When the export destinations were analysed, five countries took the lead as Nigeria’s top trading export partners and they include:

1. France

France accounted for 11.09% of total exports from Nigeria with total exported goods valued at ₦2.15 billion.

2. Spain

Spain accounted for 10.56% of total exports from Nigeria. The total value of exported goods from Nigeria to Spain stood at ₦2.03 billion.

Top export destination countries for Nigerian goods [BI Africa]
Top export destination countries for Nigerian goods [BI Africa]

3. The Netherlands

The Netherlands accounted for 8.85% of the total exports from Nigeria. Total value of goods exported to Netherlands during the period stood at ₦1.7 billion

4. India

8.41% of Nigeria’s total exports went to India and total cost of exported goods was recorded as ₦1.6 billion

5. The United States of America

USA accounted for 6.84% of Nigerian exports. Total value recorded for the exported goods to the US stood at ₦1.3 billion.

When the export was analysed by products, it was revealed that mineral products topped the goods chart exported from Nigeria. Total export of mineral products accounted for 91.36% of the total export value.

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Vegetable products came next and represented 3.08% of the value of total exports.

The other products which include prepared foodstuffs; beverages, spirits and vinegar; tobacco accounted for 2.47% of the value of total exports.

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