Nigeria recorded ₦6.23 trillion in non-crude oil exports in Q4 2024. Inside that broader basket, stricter non-oil products came to ₦2.84 trillion. This page explains the difference, the trend through 2024, and what the numbers say about diversification.
Latest official read
₦6.23tn
In Q4 2024, non-crude oil exports accounted for 31.13% of total exports. The narrower non-oil-products basket came to ₦2.84tn, which works out to about 14.2% of total exports.
Q3 2024 non-crude
₦7.08tn
Q4 2024 non-oil products
₦2.84tn
Non-crude oil exports
₦6.23tn
Q4 2024 official NBS figure
Share of total exports
31.13%
Non-crude oil as a share of exports
Non-oil products
₦2.84tn
A stricter subset inside the non-crude total
Implied share
14.2%
That ₦2.84tn works out to about 14.2% of total exports
Trend
The broader non-crude basket improved sharply from Q1 to Q3 2024, then eased in Q4. The stricter non-oil-products line also rose across the year, which is why the year-end picture still looks stronger than the year-start picture.
Q4 2024 shares
Even with stronger non-crude export values, crude oil remained the anchor of Nigeria's export profile in the final quarter of 2024.
What to remember
The broader non-crude export basket got much larger by the end of 2024
Non-crude oil exports rose from ₦3.68tn in Q1 2024 to ₦6.23tn in Q4 2024. That is a major improvement in size, even if the final quarter was below the Q3 peak.
The stricter non-oil-products basket also improved through the year
Non-oil products rose from ₦1.78tn in Q1 to ₦2.84tn in Q4 2024, which is a stronger base than Nigeria started the year with.
But the export story was still led by crude
Crude oil alone was worth ₦13.78tn in Q4 2024, which shows how much Nigeria still depends on oil for export strength and foreign-exchange generation.
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