10 Products Nigeria Exported the Most in Q2 2024

Nigeria’s export economy has shown remarkable resilience and growth in recent years. As one of Africa’s largest economies, Nigeria continues to leverage its abundant natural resources and burgeoning agricultural sector to boost its export profile with a total export value of N19.42 trillion in the second quarter of 2024, which reflects an increase of 1.31% from the previous quarter.

Despite facing some challenges, Nigeria’s export sector remained robust, with crude oil continuing to dominate by contributing 74.98% of total exports.

This heavy reliance on oil emphasizes the importance of diversifying the country’s export portfolio, even though agricultural products, manufactured goods, and other petroleum gases also made significant contributions.

Crude Petroleum Oil

Crude oil remains the cornerstone of Nigeria’s export economy, accounting for a substantial percentage of total exports. The country’s vast oil reserves have positioned it as one of the leading oil exporters globally. 

Despite efforts to diversify the economy, crude oil continues to be the primary revenue generator, contributing significantly to national GDP and foreign exchange earnings.

Natural Gas

Natural gas is another major export product for Nigeria. With large reserves of natural gas, the country exports liquefied natural gas (LNG) to various international markets, including Europe and Asia. 

The global shift towards cleaner energy sources has increased demand for natural gas, bolstering Nigeria’s export revenues.

Petroleum Gases and Other Gaseous Hydrocarbons

In addition to crude oil and natural gas, Nigeria exports other petroleum gases and gaseous hydrocarbons used in industrial applications and energy production. 

These exports underscore Nigeria’s pivotal role in the global energy supply chain and contribute significantly to the country’s export earnings.

Superior Quality Cocoa Beans

Nigeria is renowned for its high-quality cocoa beans, which are highly sought after by chocolate manufacturers worldwide. Cocoa is a vital agricultural export, and its superior quality positions Nigeria as a reliable supplier in the global market. The agricultural sector’s growth reflects efforts to diversify exports beyond oil.

Urea and Fertilizers

Nigeria exports urea and other fertilizers, capitalizing on its natural gas resources to produce these essential agricultural inputs. Fertilizer exports contribute to the non-oil revenue stream and support agricultural productivity both domestically and in importing countries.

Cashew Nuts

Cashew nuts are an important agricultural export for Nigeria. The global demand for cashews has surged due to their use in snacks and food processing. Nigeria’s favorable climate and investment in agricultural practices have boosted cashew production, leading to increased export earnings.

Unwrought Aluminum Alloys

The export of unwrought aluminum alloys reflects Nigeria’s growing industrial sector. Aluminum is crucial in various industries, including automotive, construction, and aerospace. By exporting aluminum alloys, Nigeria contributes to global manufacturing supply chains.

Standard Quality Cocoa Beans

Besides superior quality cocoa, Nigeria also exports standard quality cocoa beans. This product caters to different market segments in the chocolate and confectionery industries, expanding Nigeria’s reach in the global cocoa market.

Sesamum Seeds

Sesamum seeds, commonly known as sesame seeds, are another significant agricultural export. They are highly valued in international markets for their use in food products and oil extraction. Nigeria’s sesame seeds are particularly popular in Asian countries, where they are integral to various cuisines.

Floating or Submersible Drilling Platforms

Nigeria exports floating or submersible drilling platforms used in offshore oil exploration. These specialized exports demonstrate the country’s industrial capabilities and contribute to its reputation in the global oil and gas equipment market.