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According to the National Bureau of Statistics (NBS), the total value of domestic products traded in the second quarter of 2024 reached ₦31,892.46 billion. This marks a significant increase of 150.39% compared to the same period in 2023, although it represents a slight decline of 3.76% from the first quarter of 2024.
In the second quarter, the export value amounted to ₦19,418.93 billion, which accounted for 60.89% of total trade in the first quarter of 2024. This reflects an impressive rise of 201.76% from ₦6,435.13 billion in the second quarter of 2023 and a modest increase of 1.31% from the previous quarter, where exports stood at ₦19,167.36 billion.
The NBS report also highlighted that non-oil exports comprised 25.02% of Nigeria’s total exports during this period, while crude oil exports made up the remaining 74.98%. Notably, non-oil items contributed ₦1,944.25 billion, or 10.01% of total exports.
During this time, ₦6,057.49 billion worth of manufactured goods were traded, representing 18.99% of all commerce. In terms of exports, ₦480.82 billion came from finished products. On the other hand, raw materials generated a total trade value of ₦1,848.41 billion.
On that note, here are the five Nigerian products that earned the highest revenue in the reviewed period.
