Nigeria has long been Africa’s largest market owing to some economic factors including its exports. The country currently stands as the continent’s largest economy and has done so on the heels of its extensive human and natural resources.
The significance of Nigeria’s export industry cannot be stressed enough. Nigeria has built a large amount of wealth from the excavation of its natural resources, which range from food to minerals to energy goods.
Exporting is a primary source of foreign exchange earnings for Nigeria. The revenue generated from exporting goods can be used to pay for imports, service foreign debts, and build up foreign exchange reserves, thereby stabilizing the country’s external balance.
According to a report issued by the country’s National Bureau of Statistics (NBS), 5 of these resources stand out, specifically in Q3 of 2023.
The NBS’s report highlights that “The value of total exports in Q3, 2023 stood at ₦10,346.60 billion indicating an increase of 60.78% when compared with the value of exports in Q2, 2023 (₦6,435.13 billion) and by 74.36% when compared with the value recorded in the third quarter of 2022 (₦5,934.15 billion).”
With that said, below are the 5 products Nigeria exported the most in Q3 of 2023.
5 of Nigeria’s largest exports by quantity
| Rank | Product | % of export | Revenue |
|---|---|---|---|
| 1. | Petroleum oil and oils obtained from bituminous minerals, crude | 82.50% | N8,535.61 billion |
| 2. | Natural gas | 9.82% | N1,016.45 billion |
| 3. | Urea | 1.06% | N109.68 billion |
| 4. | Other petroleum gases | 0.90% | N92.95 billion |
| 5. | Superior quality cocoa beans | 0.41% | N42.24 billion |
Source: BI
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