AGS NEWS – Crude oil exports contributed N14.56 billion, or 74.98% of Nigeria’s total exports in the second quarter of 2024, according to the National Bureau of Statistics (NBS).

The NBS report, released Wednesday, revealed that the country’s total merchandise trade for the quarter was N31.89 billion, a 3.76% decline from the previous quarter but a 150.39% rise from N12.74 billion in Q2 2023.

Exports made up 60.89% of total trade, amounting to N19.42 billion, a 1.31% increase from Q1 and a 201.76% jump from the previous year.

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Non-crude oil exports were valued at N4.86 billion, with non-oil products contributing N1.94 billion (10.01% of total exports).

It was in reports that Nigeria imported N16 trillion worth of manufactured goods between 2023 and 2024, a 60% rise compared to the prior year.