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Nigeria recorded a trade surplus of ₦6.52 trillion in the first quarter of 2024 (Q1’24) with the main contribution coming from the top five major export destinations.

Top 5 export destination countries for Nigerian goods | Pulse Nigeria

Solomon Ekanem

Nigeria recorded a trade surplus of ₦6.52 trillion in the first quarter of 2024 (Q1’24) with the main contribution coming from the top five major export destinations.

The report further noted that In Q1 '24, total value of exports during the period stood at ₦19.2 billion, and indicated a 51% increase when compared to ₦12.7 billion recorded in Q4 2023 and 195.47% increase from ₦6.5 billion recorded in Q1 2023.

<h2>Top 5 export destination countries for Nigerian goods</h2>

When the export destinations were analysed, five countries took the lead as Nigeria's top trading export partners and they include:

France accounted for 11.09% of total exports from Nigeria with total exported goods valued at ₦2.15 billion.

Spain accounted for 10.56% of total exports from Nigeria. The total value of exported goods from Nigeria to Spain stood at ₦2.03 billion.

Top export destination countries for Nigerian goods [BI Africa]

The US is not returning to a pre-2016 trade consensus, that much is clear.Trump dramatically shifted the Republican Party away from its largely held belief that free trade would help all nations. Biden, like many Democrats in the 1990s, also championed this mindset, which led to the sweeping North American Free Trade Agreement and paved the way for China to join the World Trade Organization.Biden and his top officials have signaled they also favor a paradigm shift. Katherine Tai, the US trade representative, has argued for a move away from a "colonial mindset" that all too often led to supply chains that preyed on developing countries. The Biden administration's focus is best seen in one of his biggest trade shifts: withdrawing US support for digital trade principles that some progressive lawmakers, including Sen. Elizabeth Warren, say were hijacked by Big Tech companies. Other Democrats have criticized the administration's approach.Biden has left some of Trump's tariffs in place, illustrating the protectionist bent that continues to take hold in Washington. In April, Biden pushed for even higher tariffs on Chinese steel and aluminum amid his reelection push. European leaders are also concerned about Biden's pursuit of climate-related tax credits that may lure green jobs away from their countries to the US.If Biden and Trump have anything in common it's their stance on China. Biden has used his trade powers to restrict US investment in Chinese technology, particularly semiconductors, quantum computing, and some artificial-intelligence sectors. As Bloomberg News reported, Biden has even surpassed Trump in adding more Chinese companies and individuals to an export blacklist.As president, Trump fixated on the US trade deficit even as some economists argued against reading too much into such figures. Still, the trade gap grew under his watch.Overall, Trump's combative trade policy led to mixed results. He didn't see the fruits of his biggest trade deal, which went into effect in July 2020: the USMCA, a revamped North American trade deal known Experts at Brookings Institution have praised the treaty for growing regional trade. Unlike NAFTA, the USMCA also contains new provisions on digital trade and labor protections. The Biden administration has used the deal to push Mexico over its labor practices.While Trump has bragged about brokering a historic trade deal with China, economists found that Beijing never lived up to its commitment to purchase an additional $200 billion worth of US exports. He successfully ended US support for the TransPacific Partnership, a massive trade deal that President Barack Obama supported with the hopes it would align much of the region more closely with the US. Trump has pledged to kill the Biden administration's new Asian trade talks, which the former president has dubbed "TPP two."Some Trump allies have signaled that he'll push the envelope even further if he wins in November. Politico reported that some of the former president's top economic advisors are discussing how to devalue the dollar to boost US exports. It's a risky proposition, as it could drive up the costs of some items that have already risen because of inflation.Back to top

The Netherlands accounted for 8.85% of the total exports from Nigeria. Total value of goods exported to Netherlands during the period stood at ₦1.7 billion

8.41% of Nigeria’s total exports went to India and total cost of exported goods was recorded as ₦1.6 billion

<h3>5. The United States of America </h3>

USA accounted for 6.84% of Nigerian exports. Total value recorded for the exported goods to the US stood at ₦1.3 billion.

When the export was analysed by products, it was revealed that mineral products topped the goods chart exported from Nigeria. <a data-link-role-code="open_new_tab" href="https://www.pulse.ng/business/domestic/top-ports-in-africa/0zl715p">Total export</a> of mineral products accounted for&nbsp;91.36% of the total export value.

Vegetable products came next and represented 3.08% of the value of total exports.

The other products which include prepared foodstuffs; beverages, spirits and vinegar; tobacco accounted for 2.47% of the value of total exports.

The US is not returning to a pre-2016 trade consensus, that much is clear.Trump dramatically shifted the Republican Party away from its largely held belief that free trade would help all nations. Biden, like many Democrats in the 1990s, also championed...

Top 5 export destination countries for Nigerian goods

Top 5 export destination countries for Nigerian goods

1. France

2. Spain

3. The Netherlands

4. India

5. The United States of America