5 Countries Nigeria Earned the Most Money From in Q2 2024

In the second quarter of 2024, Nigeria continued to strengthen its trade relationships around the world. Even though the total money Nigeria earned from selling goods slightly went down compared to the first quarter, it was much higher than the same time last year. 

This success came from selling products to five key countries, which made up almost half of all Nigeria’s earnings from exports. Let’s explore which countries helped Nigeria earn the most money during this period.

Spain    

Spain was Nigeria’s biggest trading partner in Q2 2024, bringing in ₦2,007 billion. This means that over 10% of all the money Nigeria earned from selling goods came from Spain. The strong trade relationship includes a variety of products, with crude oil being a major contributor. 

United States

Coming in second, the United States contributed ₦1,856 billion to Nigeria’s export earnings, making up about 9.56% of the total. The U.S. is a vital market for Nigeria, especially for oil and other natural resources. Additionally, Nigeria exports agricultural products and manufactured goods to the United States. This diverse range of exports helps stabilize Nigeria’s economy by relying on different types of products, ensuring steady income even if one sector faces challenges.

France

France secured the third spot by bringing in ₦1,820 billion. Like Spain, France is an important European partner for Nigeria. The trade between these two countries includes not only oil but also other goods like machinery and agricultural products. 

India

India ranked fourth, contributing ₦1,650 billion to Nigeria’s exports. The trade between Nigeria and India has been growing steadily, with a focus on both oil and non-oil products. India imports Nigerian oil to meet its energy needs, while Nigeria benefits from India’s demand for raw materials and manufactured goods. 

Netherlands

Rounding out the top five, the Netherlands brought in ₦1,380 billion, making up 7.10% of Nigeria’s total exports. The Netherlands is a crucial gateway for Nigerian goods into Europe and beyond. The trade includes a mix of oil, agricultural products, and other manufactured goods.