Nigeria Generates N14.6trn from Crude Oil in 12-Month
The Nigerian government generated about N14.6 trillion from crude oil exported to other countries in the last 12 months, according to the statistics office trade report.
The amount represents about 191% year-on-year growth in export receipts, which printed at N5.005 trillion in the second quarter of 2023. The latest report revealed that Nigeria’s total exports grew by about 202% year on year amidst a drive to diversify from oil sales and generate foreign receipts 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.
On a year-on-year basis, 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 commodities included crude oil, liquefied natural gas, and other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea. According to NBS, exports of agricultural goods in Q2 2024 amounted to ₦973.69 billion, a 5.93% decrease from ₦1,035.02 billion in Q1 2024.
On a year-on-year basis, agricultural 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 annual basis, 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% decrease 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 basis, this also translated to 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 decrease of 5.99% from ₦15,486.63 billion in Q1 2024.
On year on year basis, crude oil exports rose by 190.86% from ₦5,005.71 billion in Q2 2023 to ₦14,559.56 billion in the second quarter of 2024.
Other oil product exports in Q2 2024 stood at ₦2,915.12 billion, showing an increase of 53.28% from ₦1,901.88 billion in Q1 2024 and a 293.54 % rise from ₦740.74 billion in Q2 2023. Nigeria Generates N14.6trn from Crude Oil in 12-Month#CBN Defends Naira with $39m in Forex Market
