Petroleum products have remained Nigeria’s major export commodity for more than two decades. In the first quarter of 2018, Nigeria traded over 3.6 billion naira worth of petroleum products, accounting for over 76.94% of the total exports in Nigeria.
Other major export products include Natural and liquefied gas, Sesame seeds, cocoa beans, Naphthalene, Urea, Electrical energy, Polyethylene, Cigarettes containing tobacco, unwrought aluminium, Cashew nuts( shelled), Cocoa butter and, fat and oil.
In the wake of the preceding collapse of oil prices in the global market from $111.8 in June 2014 to as low as $30.7 in January 2016, the country’s economy descended on a downward spiral. Fortunately, this report indicates that the nation is shifting albeit, slowly, from total dependence on its crude oil exports.
To give more credit to the increase in non-oil exports, the Minister of Budget and National Planning, Udoma Udoma reported that the exports of agricultural produce increased by almost 300 per cent in value, exports of solid minerals increased by over 250 per cent in value and exports of manufactured goods grew by more than 25 per cent in value.
Below, is a detailed list of Nigeria’s top export products and trade volume in the first quarter of 2018:
|Ranking||Products||Value (₦)||% Share of Total Exports|
|1||Petroleum Oils and oils obtained from bituminous minerals, crude||3,580,015,944,725||76.28|
|2||Natural gas, liquefied||482,538,390,572||10.28|
|3||Other petroleum gases etc in gaseous state||30,753,674,223||0.66|
|5||GOOD FERMENTED NIGERIAN COCOA BEANS||23,297,981,962||0.50|
|7||Urea, whether or not in aqueous solution||16,531,440,111||0.35|
|8||Electrical energy (optional heading)||9,731,157,056||0.21|
|9||Polyethylene having a specific gravity >=0.94, in primary forms||9,141,187,954||0.19|
|10||Cigarettes containing tobacco||8,221,692,579||0.18|
|11||Superior quality raw cocoa beans||6,029,516,900||0.13|
|12||Other,Medium petroleum oils||5,729,388,321||0.12|
|13||Unwrought aluminium, not alloyed||5,127,369,600||0.11|
|14||Cashew nuts, in shell||5,032,080,564||0.11|
|15||Cocoa butter, fat and oil||4,312,168,877||0.09|