Nigeria’s foreign trade surplus reached an impressive N6.5 trillion in the first quarter of 2024 which is driven significantly by exports. According to the National Bureau of Statistics (NBS), Nigeria’s total merchandise trade stood at N31,810.59 billion in Q1, 2024.
This represents an increase of 46.27% over the value recorded in the preceding quarter and rose by 145.58% compared to the value recorded in the corresponding period of 2023. This robust performance reflects strategic shifts in Nigeria’s international trade partnerships which has been a major importer of a series of items with little to export.
Therefore, this article unveils the top ten destinations for Nigerian exports in Q1 2024 and also compares these figures with Q4 of 2023 in order to shed light on the evolving trade landscape.
- France
France emerged as Nigeria’s largest export partner in Q1 2024, with export values reaching N2.1 trillion, accounting for 11.09% of total exports. This means that Nigeria’s export to France increased with a notable 15.6% export value from Q4 2023. - Spain
Following closely, Spain received Nigerian exports worth N 2.03 trillion, comprising 7.69% of total exports. There is significant improvement in the exports to Spain, it moves from fifth place in Q4 2023 to second in Q1 2024 which reflects a growing trade relationship. - Netherlands
Nigerian exports to the Netherlands amounted to N1.3 trillion, representing 6.67% of total exports. This means that there is a significant drop in the exports to Netherlands with a 25.4% decrease in export value. - India
With exports valued at N1.2 trillion, India secured the fourth position, accounting for 6.15% of total exports. India rose from seventh in the last quarter to fourth place which highlights an increase in trade activity between Nigeria and India. - United States
The United States rounded out the top five, with Nigerian exports valued at N1.1 trillion, making up 5.64% of total exports. The United States retained its fifth position in both quarters, with a modest 4.3% increase in export value.
Key Observations
- The top five export destinations in Q1 2024 accounted for 37.24% of Nigeria’s total exports, up from 35.14% in Q4 2023.
- Exports to France, Spain, and India saw significant increases, while exports to the Netherlands and the United States experienced declines.
- The strengthening trade relationship between Nigeria and France is particularly noteworthy, with France solidifying its position as Nigeria’s largest export partner in Q1 2024.
Other countries
6.
Indonesia = 1.15 trillion naira
7.
Canada = 1.11 trillion naira
8.
South Africa = 957 billion naira
9.
Italy = 904 billion naira
10.
Ivory Coast = 744 billion naira
The analysis of Nigeria’s top export destinations in Q1 2024 versus Q4 2023 reveals notable shifts in trade dynamics. France, Spain, and India have become increasingly important markets for Nigerian goods, while the Netherlands and the United States saw changes in their trade standings.
As Nigeria diversifies its export base, understanding these trends is crucial for optimizing trade strategies and capitalizing on global market opportunities.
