Emmanuel OchayiNigeria, Africa’s largest economy, depends on international trade for revenue, with crude oil playing a major role. However, non-crude exports such as agricultural products and manufactured goods are becoming more important. In 2024, Nigeria exported goods to several countries, with Europe, North America, and Asia being the top buyers. According to the National Bureau of Statistics, these are the top 10 countries Nigeria made most revenue from in 2024.
1. Spain – ₦2.27 Trillion
Spain was Nigeria’s biggest export destination in 2024, with total exports worth ₦2,267,831,349,479.90. Crude oil accounted for ₦1,153,351,615,089.03, while non-crude exports contributed ₦1,114,479,734,390.87.
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Spain’s demand for Nigerian crude oil remains strong, but non-crude exports like cocoa and sesame seeds have also grown. This reflects Nigeria’s efforts to diversify its exports beyond oil.
2. United States – ₦1.69 Trillion
The United States imported ₦1,689,483,173,169.12 worth of Nigerian goods in 2024. Crude oil made up ₦1,494,497,366,102.90, while non-crude exports were valued at ₦194,985,807,066.22.
Apart from oil, Nigeria exports textiles, cashew nuts, and handicrafts to the U.S. The U.S. remains an important trade partner, with strong economic and diplomatic ties with Nigeria.
3. France – ₦1.59 Trillion
France was another key trade partner, importing ₦1,588,301,985,135.41 worth of goods from Nigeria. Crude oil made up ₦1,442,158,166,319.52, while ₦146,143,818,815.89 came from non-crude exports.
France relies on Nigeria for energy, but it also imports rubber and cocoa, showing opportunities for increased trade in non-oil sectors.
4. Netherlands – ₦1.43 Trillion
Nigeria exported ₦1,434,288,210,061.23 worth of goods to the Netherlands in 2024. Crude oil accounted for ₦1,012,288,559,748.48, while ₦421,999,650,312.74 came from non-crude exports.
As home to one of Europe’s largest ports, the Netherlands serves as a gateway for Nigerian exports to other parts of Europe. Key non-crude exports include cocoa beans and petroleum gases.
5. Italy – ₦1.38 Trillion
Italy imported ₦1,377,370,671,743.34 worth of goods from Nigeria. Crude oil was the main product, making up ₦1,368,123,740,997.91, while non-crude exports were only ₦9,246,930,745.43.
While Italy heavily relies on Nigerian crude oil, the low value of non-crude exports indicates room for growth in sectors like agriculture and manufacturing.
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6. India – ₦1.19 Trillion
India imported ₦1,187,555,512,872.21 worth of goods from Nigeria in 2024. Unlike most countries, India imported more non-crude oil products than crude oil. Non-crude exports were ₦1,055,651,628,966.06, while crude oil was ₦131,903,883,906.15.
India’s demand for cashew nuts, sesame seeds, and cocoa continues to grow. This highlights Nigeria’s ability to export beyond crude oil.
7. Canada – ₦979.25 Billion
Nigeria exported ₦979,250,961,751.65 worth of goods to Canada in 2024. Crude oil made up ₦976,244,112,420.51, while non-crude exports were just ₦3,006,849,331.14.
Canada depends on Nigeria for energy needs, but the minimal non-crude exports suggest that trade diversification efforts have yet to take off.
8. Indonesia – ₦823.42 Billion
Indonesia imported ₦823,420,330,273.07 worth of Nigerian products. Crude oil made up ₦729,203,167,394.40, while non-crude exports accounted for ₦94,217,162,878.67.
Nigeria’s exports to Indonesia include rubber and cocoa beans, showing potential for expanding trade ties beyond oil.
9. United Kingdom – ₦699.33 Billion
The United Kingdom imported ₦699,328,964,000.72 worth of Nigerian goods. Crude oil exports were ₦685,377,173,248.72, while non-crude exports stood at ₦13,951,790,752.00.
The UK’s historical trade ties with Nigeria remain strong, particularly in crude oil. However, non-crude exports like cocoa and spices show opportunities for growth.
10. China – ₦683.61 Billion
China imported ₦683,613,395,658.36 worth of Nigerian products, but no crude oil was recorded. Instead, all of the revenue came from non-crude exports.
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China’s interest in Nigerian agricultural products and solid minerals reflects its focus on securing raw materials for its manufacturing industry.
Nigeria’s Export Revenue: A Look at 2024
Countries Nigeria Made Most Revenue From In 2024 included Spain, the U.S., and France. While crude oil remained the dominant export, non-crude oil exports also saw growth, particularly with India and China.
Diversification remains key for Nigeria’s economy, as non-crude exports such as agricultural goods and minerals can provide long-term economic stability.
Nigeria’s trade partnerships with Europe, North America, and Asia will continue to shape its economy. The focus on expanding non-oil exports could strengthen Nigeria’s position in the global market.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
