List of top 10 export commodities in Nigeria emerges

• Crude lipid and assorted cultivation items accounted for the bulk of Nigeria's apical exports successful Q4 2024.
• Nigeria recorded a full of N138.03 trillion successful commerce successful 2024, according to the National Bureau of Statistics
• The apical export products during this play were Crude Oil, Liquefied Natural Gas, Other Petroleum Gases and others

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Nigeria’s apical export products were dominated by crude lipid and respective cultivation goods successful Q4 2024.

Nigeria recorded a commercialized surplus of N16.85 trillion successful 2024. Photo Credit: FG, Contributor
Source: UGC

According to the National Bureau of Statistics (NBS), Nigeria recorded a full of N138.03 trillion worthy of commercialized successful 2024.

This represents a 106.55% summation compared to the N66.82 trillion reported successful the aforesaid play of 2023.

An investigation of the commercialized information shows that the full worth of goods exported from Nigeria betwixt January and December 2024 stood astatine N77.44 trillion, accounting for 56.10% of the full commercialized recorded successful the year.

On the different hand, Nigerians imported goods worthy N60.59 trillion from assorted countries astir the world. The figures bespeak that Nigeria recorded a commercialized surplus of N16.85 trillion successful 2024, the highest successful 17 years.

The figures bespeak that Nigeria recorded a commercialized surplus of N16.85 trillion successful 2024, the highest successful 17 years.

A commercialized surplus, an economical measurement of a affirmative commercialized balance, occurs erstwhile a country’s exports transcend its imports.

Here are the cardinal highlights:

• Crude Oil: Valued astatine N13.78 trillion, it accounted for 68.87% of full exports.
• Liquefied Natural Gas: Contributed significantly, though circumstantial figures were not elaborate successful the sources.
• Other Petroleum Gases: Also a large export, contributing to the vigor sector.
• Superior Quality Cocoa Beans: Exported for N836.23 billion, chiefly to the Netherlands and Malaysia.
• Standard Quality Cocoa Beans: Valued astatine N269.34 billion, with large markets successful Belgium and Italy.
• Sesamum Seeds: Exported for N202.94 billion, with important request from China and Japan.
• Natural Cocoa Butter: Worth N104.59 billion, utilized successful assorted industries including cosmetics.
• Shelled Cashew Nuts: Valued astatine N30.7 billion, with large exports to Vietnam and Malaysia.
• Crude Shea Oil: Exported for N24.2 billion, utilized successful cosmetics and nutrient industries.
• Frozen Shrimps and Prawns: Contributed N23.5 cardinal to exports, benefiting from Nigeria’s affluent marine resources.

Nigeria recorded a full of N138.03 trillion worthy of commercialized successful 2024. Photo Credit: Contributor
Source: Getty Images

These products bespeak Nigeria’s beardown reliance connected crude lipid portion besides showcasing maturation successful cultivation exports.

Oyedele highlights cardinal benefits of GDP rebasing

Legit.ng reported that Rebasing Nigeria’s economy sends a beardown positive awesome to investors, encouraging them to reconsider and instrumentality concern opportunities successful Nigeria much seriously.

This is according to Mr Taiwo Oyedele, the Chairman of the Presidential Committee connected Fiscal Policy and Tax Reforms.

Speaking astatine the Lagos Chamber of Commerce and Industry (LCCI) 2025 Economic Review and Outlook Conference successful Lagos, Oyedele noted that rebasing the GDP is an economical accommodation that would positively interaction the country’s projected tax-to-GDP ratio and the measurement of per capita income, thereby enhancing capitalist perception.

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Source: Legit.ng