Prime ten export locations of Nigerian items in Q2, 2024

Nigeria’s export commerce has remained sturdy in Q2 2024, with the highest ten locations accounting for 72.15% of whole exports, valued at N14.01 trillion. 

Whole exports to all locations noticed a modest improve of 1.31%, rising to N19.41 trillion in Q2, in comparison with N19.16 trillion in Q1 2024. 

Spain emerged because the main vacation spot, receiving N2 trillion value of Nigerian exports in Q2 2024, whereas China, the smallest importer among the many prime ten, obtained N744.91 billion in whole exports. 

This knowledge is derived from the Nigeria Bureau of Statistics (NBS) report for Q2 2024. 

Beneath is an in depth breakdown of Nigeria’s prime export locations, together with key insights into the components driving these commerce patterns.

1. China – N744.91 billion (5.32% of whole exports)

• China, which didn’t seem amongst Nigeria’s prime ten export locations in Q1, re-entered the checklist in Q2 2024 with imports totaling N744.91 billion.  

• Though Nigeria’s crude oil exports to China have been on the decline, accounting for less than 28.05% of whole exports, the nation continues to play a key function in Nigeria’s non-oil exports, representing 71.95% of commerce with Nigeria. 

2. Indonesia – N862.77 billion (6.16% of whole exports)

• Indonesia, although a significant importer of Nigerian crude, noticed a decline of 24.70% in imports from Nigeria in Q2, totaling N862.77 billion from 1.14 trillion in Q1.  

• Crude oil accounted for 98.71% of exports to Indonesia, with the remaining 1.29% non-crude oil merchandise.  

• Indonesia’s increasing industrial sector stays a key driver of demand for Nigerian oil. 

3. Italy – N1.16 trillion (8.31% of whole exports)

• Italy’s imports from Nigeria noticed a big improve of 28.72%, reaching N1.16 trillion in Q2 2024 from N904.27 billion.  

• Crude oil made up 99.54% of exports to Italy, with non-crude oil merchandise comprising simply 0.46%. 

•  Italy’s rising reliance on Nigerian crude, significantly after the geopolitical shifts in Europe, displays the continued significance of Nigerian oil for its power safety. 

4. Canada – N1.17 trillion (8.40% of whole exports)

• Canada’s imports from Nigeria grew by 5.94% to N1.17 trillion in Q2 2024 from N1.11 trillion in Q1. 

• Crude oil constituted 98.48% of exports to Canada, with non-crude oil merchandise making up the remaining 1.52%.  

• Regardless of rising power independence in North America, Canada continues to depend on Nigerian oil, sustaining a gentle commerce relationship. 

5. Ivory Coast – N1.35 trillion (9.64% of whole exports)

• Ivory Coast has seen a outstanding surge in imports from Nigeria, with an 81.39% improve in Q2, totaling N1.35 trillion from N744.59 billion within the first quarter of 2024. 

• As the one African nation within the prime ten, the majority of its imports from Nigeria consisted of 99.29% crude oil, bolstered by Ivory Coast’s rising refining capability. 

•  The nation’s rising demand for power makes it an important associate for Nigeria’s oil exports. 

6. Netherlands – N1.38 trillion (9.85% of whole exports)

• The Netherlands obtained N1.37 trillion value of exports from Nigeria in Q2 2024, with a marked lower of 18.63% from 1.695 trillion in Q1.  

• Regardless of this drop, the Netherlands performs a vital function in distributing Nigerian crude to different European markets, alongside a good portion of non-oil merchandise, contributing 71.29% crude oil and 28.71% non-crude oil in Q2. 

7. India – N1.65 trillion (11.78% of whole exports)

• India’s rising industrial and power wants have pushed a slight 2.40% improve in imports from Nigeria, totalling N1.65 trillion in Q2 2024 from N1.61 trillion within the first quarter of the 12 months.  

• Nigeria’s export to India includes 67.38% crude oil and 32.62% non-crude merchandise.  

• As one of many world’s largest shoppers of oil, India’s demand for Nigerian crude is anticipated to proceed rising, solidifying Nigeria’s place as a key provider. 

8. France – N1.82 trillion (12.99% of whole exports)

• France, like different European nations, has elevated its reliance on Nigerian crude oil. 

•  In Q2 2024, the nation imported N1.82 trillion in items, with crude oil representing 78.57% of that whole.  

• Whereas imports from Nigeria declined by 14.36% from N2.125 trillion in Q1, France stays a vital associate within the diversification of Europe’s power provide, significantly contemplating the continued power disaster stemming from the Ukraine battle. 

9. United States – N1.86 trillion (13.25% of whole exports)

• The U.S. stays one in every of Nigeria’s main commerce companions, receiving N1.86 trillion in exports throughout Q2 2024, a notable 41.55% improve from N1.31 trillion in Q1.  

• Crude oil made up 87.43% of exports to the U.S., with non-crude oil merchandise accounting for 12.57%. 

• Regardless of its rising power independence, the U.S. continues to depend on Nigerian oil, reinforcing its function in Nigeria’s export economic system. 

10. Spain – N2.01 trillion (14.32% of whole exports)

• Spain bagged the place as Nigeria’s largest export vacation spot, receiving N2.01 trillion value of products in Q2 2024, regardless of a slight decline of 0.82% from N2.02 trillion the earlier quarter.  

• A good portion, 81.03%, of exports to Spain consisted of crude oil, with the remaining 18.97% comprising non-crude oil merchandise.  

• Spain’s significance as a key refining hub in Europe has been magnified by the broader EU technique to diversify power sources away from Russian oil. 

Key insights and conclusion 

• The highest ten export locations for Nigeria in Q2 2024 spotlight the strategic function of oil within the international commerce dynamics and crude oil continues to dominate Nigeria’s exports. 
• Europe stays a vital marketplace for Nigerian oil, with international locations like Spain, France, and Italy persevering with to depend on Nigeria to safe their power wants.
• In the meantime, Asian economies corresponding to India and China additionally symbolize vital markets for Nigerian oil, with India’s demand rising steadily. 
• These commerce relationships are formed by a fancy interaction of power safety, geopolitical components, and financial calls for, positioning Nigeria as an necessary international provider of crude oil, at the same time as it really works to diversify its export base.