Report Reveals Nigeria exports N75.66b electricity in Q4 2024, Details

Nigeria exported ₦2.042 trillion to Africa in Q4 2024, led by petroleum oils at ₦1.62 trillion. Major buyers were South Africa, Ivory Coast, and Senegal.

Imports totaled ₦514.96 billion, mainly from South Africa and Egypt, with top items including plasters, vehicles, and crude palm oil.

Nigeria exported goods worth ₦2.042 trillion to African countries in the fourth quarter of 2024 (Q4 2024), with petroleum oils leading the exports, according to the latest Foreign Trade Statistics Report (Q4 2024) released by the National Bureau of Statistics (NBS). The country’s imports from Africa during the same period stood at ₦514.96 billion.

VerseNews gathered that the report highlighted that Nigeria’s major exports included petroleum oils and bituminous minerals, valued at ₦1.62 trillion, accounting for 79.77% of total exports to Africa. Electrical energy followed with ₦75.66 billion (3.71%), while other significant exports were dredgers (₦73.99 billion), urea (₦40.34 billion), and cigarettes containing tobacco (₦32.50 billion). These top five products made up 90.66% of total exports to the continent.

Nigeria’s largest export destinations in Africa were South Africa, receiving ₦761.95 billion worth of goods, Ivory Coast with ₦756.37 billion, Senegal at ₦236.87 billion, Cameroon with ₦54.02 billion, and Togo at ₦47.97 billion. These nations collectively accounted for 90.95% of Nigeria’s exports to Africa.

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On the import side, South Africa led with ₦148.84 billion worth of goods, followed by Egypt (₦87.39 billion), Equatorial Guinea (₦43.50 billion), Ivory Coast (₦41.40 billion), and Swaziland (₦40.55 billion). Nigeria’s top imports from Africa included plasters (₦35.47 billion), transport vehicles (₦32.89 billion), butanes (₦28.42 billion), mixtures of odoriferous substances used in the food and drink industry (₦28.41 billion), and crude palm oil (₦18.13 billion).

Within the ECOWAS region, Nigeria’s key imports included crude palm oil (₦10.13 billion), petroleum bitumen (₦14.38 billion), cocoa powder with added sugar (₦8.13 billion), beauty and makeup preparations (₦4.93 billion), and liquefied petroleum gases. Meanwhile, the country continues to export electricity to Togo, Benin Republic, and the Republic of Niger.

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