Nigeria recorded an impressive rise in its foreign trade value in 2024, reaching a total of ₦138.03 trillion, marking a 106.56% increase compared to ₦66.83 trillion in 2023, according to the National Bureau of Statistics (NBS).
- Nigeria’s foreign trade value rose to ₦138.03 trillion in 2024, a 106.56% increase from the previous year
- The country achieved a significant trade surplus of ₦16.85 trillion, with total exports surpassing imports
- Europe was Nigeria’s largest regional trade partner with a value of ₦56.94 trillion, followed by Asia at ₦49.76 trillion
In 2024, Nigeria posted a significant trade surplus of ₦16.85 trillion. Total exports stood at ₦77.44 trillion, comfortably exceeding imports of ₦60.59 trillion. The country’s top ten trading partners accounted for ₦89.47 trillion in trade, representing 64.81% of Nigeria’s overall foreign trade.
Europe leads in trade volume
Europe emerged as Nigeria’s largest regional trade partner with a value of ₦56.94 trillion, followed closely by Asia at ₦49.76 trillion. Trade with the Americas totalled ₦19.70 trillion, primarily fuelled by exports of oil and agricultural goods to the United States and Canada.
Nigeria’s top 10 trading partners in 2024
Below is a detailed breakdown of Nigeria’s ten leading trading partners, highlighting export and import figures, trade balance, and key goods traded:
| 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, pumps, 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, petroleum oils, natural rubber, cashews |
Circuit breakers, maize, transformers |
|
4 |
Spain (Europe) |
9.60 |
8.13 |
1.47 |
+6.66 |
Crude oil, natural gas, cocoa beans, goat leather |
Industrial goods |
|
5 |
USA (America) |
9.59 |
5.52 |
4.07 |
+1.45 |
Petroleum oils/gas, urea, refined lead, soya beans |
Used vehicles, motor spirit, butanes |
|
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, fertilisers |
Wheat, vehicles |
|
10 |
Germany (Europe) |
2.95 |
1.68 |
1.26 |
+0.42 |
Petroleum oils, cocoa products |
Vehicles, plastics, cereal preparations |
Key drivers and developments
- “Nigeria’s trade strength in 2024 reflects a dynamic export-driven economy, with key sectors such as petroleum, agriculture, and manufacturing boosting our global presence,” said an NBS official.
- The African Continental Free Trade Area (AfCFTA) and the reopening of the Nigeria-Niger border significantly enhanced regional trade.
- However, a trade deficit with China remains a challenge, pointing to Nigeria’s growing reliance on Asian-manufactured goods.
Outlook for 2025
With Africa becoming a stronger trade hub and strategic investments increasing in local industries, Nigeria is expected to maintain its trade growth trajectory. Addressing import dependency and enhancing value-added exports will be key focus areas going forward.
