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).
The sharp growth was underpinned by a robust export performance and favourable trade balances with several global partners.
- 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.
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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.
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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.
