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Petroleum oils largest exported product in Nigeria – NBS

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The National Bureau of Statistics says petroleum oils and oils obtained from bituminous minerals crude was the largest exported product in the fourth quarter of 2023.

The NBS disclosed this in its latest foreign trade Statistics.

The data showed that ‘Petroleum oils and oils obtained from Bituminous minerals crude’ represented 81.23 per cent of Nigeria’s exports in Q4 2024.

According to the report, the value of the largest export in Q4 2023 stood at N10,310.70 billion; this was followed by ‘natural gas,’ with N1,015.84 billion accounting for 8.00 per cent, and ‘Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98 per cent of total exports.

The report stated that total exports increased by 28 per cent to N12,693.62 billion compared to N10,346.60 billion.

Meanwhile, the total imports increased by 56.04 per cent compared to the value recorded in the third quarter of 2023 (N9,041.24 billion).

The total foreign trade in Q4 2023 stood at N26,801.95 billion.

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