Nigeria’s foreign trade surged to ₦138.03 trillion in 2024, marking a remarkable 106.56% increase from ₦66.83 trillion recorded in 2023, according to data from the National Bureau of Statistics (NBS). This growth was largely driven by strong export performance and favorable trade balances with key international partners.
Key Trade Highlights:
- Nigeria recorded a trade surplus of ₦16.85 trillion, as total exports (₦77.44 trillion) outpaced imports (₦60.59 trillion).
- The country’s top ten trading partners accounted for ₦89.47 trillion in total trade, representing 64.81% of overall foreign trade.
- Europe emerged as Nigeria’s largest trading region, with a trade volume of ₦56.94 trillion, followed by Asia at ₦49.76 trillion.
Nigeria’s Top 10 Trading Partners in 2024
Below is a breakdown of Nigeria’s leading trade partners, detailing their trade value, key exports, and imports:
| Rank | Country/Region | Trade Value (₦ trn) | Exports (₦ trn) | Imports (₦ trn) | Trade Balance (₦ trn) | Key Exports | Key Imports |
|---|---|---|---|---|---|---|---|
| 1 | China (Asia) | 17.14 | 2.99 | 14.15 | -11.15 | Mineral products, metals, vegetable products | Phones, air conditioners, herbicides |
| 2 | India (Asia) | 11.97 | 6.18 | 5.79 | -0.39 | Petroleum oils, natural gas, cashew nuts | Gas oil, motorcycles, pharmaceuticals |
| 3 | Africa (All countries) | 10.89 | 8.74 | 2.16 | +6.58 | Cocoa beans, crude oil, rubber | Circuit breakers, maize, transformers |
| 4 | Spain (Europe) | 9.60 | 8.13 | 1.47 | +6.66 | Crude oil, natural gas, cocoa beans | Industrial goods |
| 5 | USA (America) | 9.59 | 5.52 | 4.07 | +1.45 | Petroleum oils, urea, refined lead | Used vehicles, motor spirit |
| 6 | Netherlands (Europe) | 9.24 | 6.93 | 2.31 | +4.62 | Petroleum oils, cocoa products | Medicines, gas oil |
| 7 | France (Europe) | 8.61 | 6.96 | 1.66 | +5.30 | Petroleum oils, frozen shrimp, natural gas | Industrial machinery |
| 8 | Italy (Europe) | 4.93 | 2.06 | 0.54 | +1.52 | Crude oil, precious metal scraps | Refined petroleum, machinery |
| 9 | Canada (America) | 4.54 | 4.23 | 0.32 | +3.91 | Mineral fuels, oils, fertilizers | Wheat, vehicles |
| 10 | Germany (Europe) | 2.95 | 1.68 | 1.26 | +0.42 | Petroleum oils, cocoa products | Vehicles, plastics, cereal preparations |
Trade Trends and Economic Impact
Nigeria’s robust trade performance in 2024 reflects its growing influence in global markets, with oil, agriculture, and manufacturing driving exports. The African Continental Free Trade Area (AfCFTA) and the reopening of land borders also played a crucial role in boosting regional commerce.
However, Nigeria’s trade deficit with China—its largest trade partner—remains a concern, highlighting the country’s reliance on imported goods from Asia. Moving forward, economic experts emphasize the need to enhance local manufacturing and value-added exports to sustain growth and reduce import dependence.
With Africa’s position as a global trade hub strengthening and Nigeria making strategic investments in key industries, the country is poised to maintain its upward trajectory in international trade.
