In the first quarter of 2024, Nigeria’s crude oil output recovered significantly, with exports increasing by 50.2% to ₦15.4 trillion. The National Bureau of Statistics (NBS) recently released data showing that Nigeria’s total crude oil export value jumped from ₦10.3 trillion in Q4 2023 to ₦15.4 trillion in Q1 2024.
This export value also exceeded earnings from earlier quarters, with Nigeria earning ₦8.5 trillion in Q3 2023 and ₦5 trillion in Q2 2023. Crude oil exports brought in ₦4.9 trillion in Q12023, a substantial decrease from Q12024’s revenue.
The Analysis
According to a thorough analysis of the Q1 2024 export data, Nigeria exported crude oil in January for a total of ₦5.2 trillion. This figure increased to ₦5.4 trillion in February but slightly decreased to ₦4.8 trillion in March.
“Crude oil exports in Q1 2024 were valued at ₦15,486.63 billion, a rise of 50.20% from ₦10,310.70 billion in Q4 2023 and a 200.79% increase from ₦5,148.58 billion in Q1 2023,” the data showed.
The NBS report also highlighted that other oil product exports in Q1 2024 reached ₦1,901.88 billion, showing a 47.70% increase from ₦1,287.65 billion in Q4 2023 and a 177.17% rise from ₦686.17 billion in Q1 2023.
Despite this recovery, Nigeria has struggled to meet its Organisation of Petroleum Exporting Countries (OPEC) production quota for about four years. A marked production decline to 1.23 million barrels per day in March 2024 hindered the country’s efforts to meet local and international crude supply obligations.
Drive For More Output
In April, the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, attributed March’s low production to issues with the Trans-Niger Pipeline (TNP) and maintenance activities by some oil companies. The minister also noted that the federal government is working on policies to maximize the use of all available wells across the country to generate revenue and stabilize the foreign exchange market.
In Q1 2024, Nigeria’s top trading export partners included France, Spain, the Netherlands, India, and the United States. The most exported commodities were crude oil, liquefied natural gas, sesamum seeds, and urea.
Solid Minerals
Solid mineral exports in Q1 2024 were valued at ₦63.41 billion, marking a 76.77% increase from ₦35.87 billion in Q4 2023 and a 143.69% rise from ₦26.02 billion in Q1 2023.
Export trade accounted for 60.25% of total trade in Q1 2024, valued at ₦19,167.36 billion. This represented a 51.00% increase compared to ₦12,693.62 billion in Q4 2023 and a 195.47% increase from ₦6,487.04 billion in Q1 2023. Crude oil exports dominated, valued at ₦15,486.63 billion, representing 80.80% of total exports. Non-crude oil exports were valued at ₦3,680.73 billion, accounting for 19.20% of total exports, with non-oil products contributing ₦1,778.85 billion or 9.28% of total exports.
Import Data
On the import side, China ranked highest among Nigeria’s top trading partners in Q1 2024, followed by India, the United States, Belgium, and the Netherlands. The most traded import commodities included motor spirit (ordinary), other liquefied petroleum gases, and gaseous hydrocarbons.
Total imports in Q1 2024 were valued at ₦12,643.23 billion, accounting for 39.75% of total trade. The top import category was mineral fuels, valued at ₦4,436.59 billion, followed by machinery and transport equipment at ₦3,170.35 billion and chemicals and related products at ₦1,786.43 billion.
In Q1 2024, exports to African countries were valued at ₦2,236.82 billion, while imports stood at ₦401.83 billion. The main African export destinations were South Africa, Ivory Coast, Senegal, Benin Republic, and Togo.
Overall, maritime transport dominated Nigeria’s trade in Q1 2024, accounting for 99.25% of total exports and 94.17% of total imports. Apapa Port handled most export transactions, while the same port, along with Tin Can Island Port and Port-Harcourt (Onne), handled most import transactions.
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