Mkpoikana Udoma
Port Harcourt — Crude oil remained the backbone of Nigeria’s export economy in the fourth quarter of 2024, contributing a massive N13.78 trillion, 68.87% of total exports, according to data obtained from the National Bureau of Statistics, NBS.
Despite ongoing calls for diversification, the data show that Nigeria’s external trade remains heavily reliant on oil, with non-crude exports accounting for only N6.23 trillion, 31.13%, and non-oil products contributing just N2.84 trillion, a mere 4.20% of total exports.
The country’s total exports for Q4 2024 stood at N20.01 trillion, marking a 57.67% rise from N12.69 trillion in the same period of 2023, although slightly down by 2.55% from Q3 2024. The strong performance pushed Nigeria’s total merchandise trade for the quarter to N36.6 trillion, up 68.32% from Q4 2023.
“Crude oil continues to be Nigeria’s lifeline in the global market. But these numbers also highlight how exposed the economy remains to oil price fluctuations and supply disruptions,” noted, an industry watcher and environmentalist, Dr Fyneface Dumnamene Fyneface.
In the more recent Q1 2025 data, total exports rose further to N20.6 trillion, a 7.42% increase year-on-year, though specific crude oil figures were not yet disaggregated.
Imports stood at N15.43 trillion for the quarter, resulting in a trade surplus of over N5 trillion.
