Nigeria's Economy Booms in 2024, Driven by Crude Oil Exports
Nigeria's economy has shown robust growth in 2024, with crude oil remaining the driving force behind its export sector. The country's total goods exports reached $52.36 billion, a 2.7% increase from 2022. Crude oil accounted for a staggering 80% of these exports, highlighting its pivotal role in Nigeria's economy.
The rise in exports has been accompanied by a steady increase in Nigeria's GDP, which grew to $2.11 trillion in 2024, a 2.74% annual increase. This growth is partly attributed to the strong performance of the export sector, with notable companies such as Dangote Cement, Equity Assurance, FBN Holdings, Guaranty Trust Bank, Zenith Bank, and Ezoic contributing significantly.
Nigeria's export destinations have also seen a shift. While Europe continues to be the largest market, accounting for 44% of Nigeria's exports, North America's share has grown to 10%. Spain has emerged as Nigeria's biggest export partner, with bilateral trade worth $5.50 billion in 2024.
Nigeria's export sector has demonstrated resilience and growth in 2024, with crude oil remaining the cornerstone of its export portfolio. The country's top export companies have played a significant role in driving this growth, and the diversification of export destinations bodes well for the Nigerian economy. As the country continues to build on its export strengths, its GDP is expected to maintain a steady growth trajectory.
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