Nigeria's Economy Booms in 2024 With $52.36B Exports, Spain Tops Partners
Nigeria's economy demonstrated robust growth in 2024, with a significant increase in goods exports and a steady rise in GDP. The country's export market, dominated by petroleum products, witnessed a 2.7% rise from 2022 to 2024, reaching a total value of $52.36 billion.
Spain emerged as Nigeria's largest export partner in 2024, with exports worth $5.50 billion. This accounted for nearly 11% of Nigeria's total exports. The country's export data for 2024 showcased a diverse range of products, including petroleum oil and crude, petroleum gases, mineral fertilizers, cocoa beans, and other oil seeds. Notably, crude oil remained the most valuable export, contributing over 80% to the total export value.
From a global viewpoint, European nations received 44% of Nigeria's value-added exports, while Asian buyers accounted for 31.1%. The Nigerian economy grew annually by 2.74% in 2024, slightly lower than the 3.10% growth rate in 2023. Despite this, Nigeria's GDP reached $2.11 trillion in 2024.
Nigeria's export market exhibited resilience and growth, with a $1.71 billion increase in 2024 compared to the previous year. The country's economic growth, although slightly lower than the previous year, remained steady. The dominance of crude oil in exports, however, underscored the need for Nigeria to diversify its export portfolio to ensure long-term economic stability.
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