Nigeria’s trade landscape experienced a shift in 2024, with Africa emerging as the country’s largest regional export market, according to the latest data from the National Bureau of Statistics (NBS). The report highlights a trade surplus of N21.85 trillion, driven by strong exports to African nations and key global markets.
Trade Performance and Export Growth
The NBS data indicates that Nigeria’s total exports for 2024 amounted to N59.44 trillion, exceeding total imports of N37.59 trillion. The resulting trade surplus suggests that the country’s export earnings surpassed its import expenditures, reinforcing Nigeria’s position as a key player in global trade.
While long-standing trade partners such as China, India, the United States, and Spain remained significant, Africa collectively accounted for the highest share of Nigeria’s exports, totaling N8.74 trillion.
In the fourth quarter of 2024, Nigeria’s exports to Africa were valued at N2.04 trillion, making up 10.2% of total exports. Of these, goods exported to ECOWAS member states were valued at N1.18 trillion, representing 57.56% of total African exports.
Africa Leads Nigeria’s Export Markets
For the first time, Africa surpassed Europe and Asia as the top regional destination for Nigerian exports. This growth was attributed to increased intra-African trade and the implementation of the African Continental Free Trade Area (AfCFTA), which aims to facilitate trade across the continent.
In 2023, Nigeria’s trade with Africa was valued at N3.71 trillion, slightly below the Netherlands’ N4.51 trillion trade volume with Nigeria. The 2024 data indicates a significant increase in Nigeria-Africa trade relations.
The top destinations for Nigerian exports in 2024 were:
- Africa – N8.74 trillion
- Spain – N8.13 trillion
- France – N6.96 trillion
- Netherlands – N6.93 trillion
- India – N5.78 trillion
- USA – N5.51 trillion
- China – N2.99 trillion
- Italy – N3.98 trillion
- Canada – N4.22 trillion
- Germany – N1.68 trillion
- UK – N1.85 trillion
- Brazil – N1.30 trillion
- Japan – N825.41 billion
- Oceania – N498.05 billion
Key Export Commodities
Nigeria’s exports to Africa were primarily directed to South Africa (N761.95 billion), Ivory Coast (N756.37 billion), Senegal (N236.87 billion), Cameroon (N54.02 billion), and Togo (N47.97 billion). These five countries accounted for 90.95% of Nigeria’s total exports to Africa.
The key commodities exported included:
- Petroleum oils and oils from bituminous minerals – N1.63 trillion (79.77% of total exports to Africa)
- Electrical energy – N75.66 billion (3.71%)
- Dredgers – N73.99 billion (3.62%)
- Urea (including in aqueous solution) – N40.34 billion (1.98%)
- Cigarettes containing tobacco – N32.50 billion (1.59%)
Petroleum exports remained a dominant driver, with Spain, France, and the Netherlands being the largest European buyers of Nigerian crude oil and gas. Additionally, India and the United States played a crucial role in Nigeria’s energy and manufacturing exports, while China remained a key destination for agricultural and industrial commodities.
Economic Implications and Future Outlook
The shift toward Africa as Nigeria’s leading export market highlights the growing importance of intra-African trade and the potential for regional economic integration. The implementation of the AfCFTA has provided Nigerian businesses with greater access to markets across the continent, reducing reliance on Western economies.
The Federal Government has continued to support Nigeria’s participation in the AfCFTA, having ratified the agreement, which officially took effect on January 1, 2021. The sustained trade surplus also suggests an increase in foreign exchange earnings, which could contribute to economic stability.
Analysts suggest that continued investment in trade policies, infrastructure, and value-added exports will be essential for Nigeria to maintain and expand its trade position in the coming years.
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