Nigeria’s Export Value Surges To $2.7bn In H1/24 As Malaysia, Netherlands, Brazil Top Destinations

Nigeria’s total export value for the first half of 2024 has surged to $2.7 billion indicating an increase of 2.6 per cent of the total value of exports compared to the first half of 2023.

This is even as Malaysia, Netherlands and Brazil have emerged as the top three export destinations for Nigeria in the first half of 2024.

The Executive Director of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni gave the breakdown at a meeting in Abuja, on Wednesday, while explaining that 211 products were exported during the period.

She said that the top products exported during the period under review include cocoa, beans, urea and sesame.

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Recent data by the National Bureau of Statistics (NBS) showed that exports of agricultural goods from Nigeria to other countries increased by 123 per cent over the value recorded in the fourth quarter of 2023 (₦463.97bn), and also by 270 per cent when compared to the value recorded in Q1, 2023 (₦279.64 billion).

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According to the NBS, most of the agricultural products were exported to Asia, valued at ₦572bn, followed by exports to Europe with ₦366bn.

The report added that export of agricultural products was dominated by sesamum seeds valued at ₦247.75bn, superior quality cocoa beans with ₦231bn and standard quality cocoa beans with₦140bn.