In 2024, Nigeria’s trade landscape has shifted significantly, with Africa becoming the country’s largest export destination.
According to nairametrics.com, this is according to the latest trade data released by the National Bureau of Statistics (NBS), which highlights a significant trade surplus driven by robust exports to the African continent and key global markets.
The NBS data reveals that Nigeria’s total exports for the year stood at N59.44 trillion, surpassing total imports of N37.59 trillion, resulting in a trade surplus of N21.85 trillion.
This positive trade balance indicates that Nigeria continues to earn more from its exports than it spends on imports, reinforcing the country’s position as a key exporter in global trade.
While major trading partners such as China, India, the United States, and Spain remained pivotal to Nigeria’s trade portfolio, Africa collectively took the lead as Nigeria’s largest regional export market, accounting for N8.74 trillion in exports.
In Q4 2024, Nigeria’s exports to Africa stood at N2,042.06 billion or 10.20% of the total exports; out of which, goods exported to ECOWAS countries was valued at N1,175.44 billion or 57.56% of the total exports to Africa, according to NBS.
Africa leads Nigeria’s export markets
For the first time, Africa has surpassed Europe and Asia as the top regional destination for Nigerian exports, driven by growing intra-African trade and the implementation of the African Continental Free Trade Area (AfCFTA).
In contrast, in 2023, Africa’s total trade value with Nigeria stood at N3.71 trillion, falling slightly behind the Netherlands’ N4.51 trillion.
This growth in trade within Africa highlights the increasing importance of regional markets and the potential for Nigeria to further expand its footprint within the continent.
The top destinations for Nigerian exports in 2024 were as follows:
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
Analysis of the NBS data reveals that Nigeria’s exports to Africa were mainly to South Africa with N761.95 billion, Ivory Coast with goods valued at N756.37 billion, Senegal Republic with N236.87 billion, Cameroon with N54.02 billion, and Togo with N47.97 billion altogether representing 90.95% of exports to Africa.
Key Export Drivers
Analysis by commodities showed that the main commodities exported to African countries in Q4 2024 were Petroleum oils and oils obtained from bituminous minerals valued at N1,628.85 billion accounting for 79.77% of total exports to Africa, Electrical energy with N75.66 billion or 3.71%, Dredgers with N73.99 billion or 3.62%, Urea, whether or not in aqueous solution N40.34 billion or 1.98%, and Cigarettes containing tobacco with N32.50 billion or 1.59%. The top five products accounted for 90.66% of total exports to Africa.
The demand for Nigerian energy resources remained strong, with Spain, France, and the Netherlands leading European demand for crude oil and gas.
Meanwhile, India and the USA played key roles in Nigeria’s energy and manufacturing export markets, while China continued to be a major destination for produce exports.
Implications for Nigeria’s Economy
The rise of Africa as Nigeria’s leading export market demonstrates the growing influence of intra-African trade and the potential for Nigeria to further leverage regional partnerships.
With the AfCFTA in effect, Nigerian businesses have greater access to a vast market, reducing dependency on Western economies.
The Federal Government ratified Nigeria’s membership of the AfCFTA as the implementation of the agreement formally took off on January 1, 2021.
Furthermore, the sustained trade surplus suggests that Nigeria’s export revenues are strengthening, which could positively impact foreign exchange reserves and economic stability.
