Nigeria imported goods valued at ₦512.56 billion from African countries in Q3 2024, with South Africa, Egypt, Morocco, Swaziland, and Ivory Coast leading as key trade partners.
Meanwhile, the country’s exports to Africa significantly outpaced imports, reaching ₦2,486.00 billion.
According to africa.businessinsider.com, one of the recurring debates in African trade revolves around the challenges of conducting business across the continent.
Barriers such as tariffs, non-tariff restrictions, inadequate infrastructure, currency fluctuations, and complex customs procedures create significant hurdles for businesses engaged in cross-border trade.
To address these challenges, several continent-wide measures have been implemented, including the African Continental Free Trade Area (AfCFTA), visa-free travel agreements, and initiatives to streamline trade processes. While the road to seamless trade remains bumpy, progress is being made.
READ: News: Nigeria Achieves N6.95 Trillion Trade Surplus in Q2 2024 Amidst Declining Imports
Nigeria, despite being the fourth-largest economy in Africa, stands out as the continent’s most populous nation, making it a key market for goods and services. Its trade dynamics reflect its dual role as a major importer and exporter within Africa.
In the third quarter of 2024, Nigeria imported goods worth ₦512.56 billion from other African countries while exporting a far greater value of ₦2,486.00 billion.
Nigeria’s primary trade partners on the continent included South Africa, which accounted for imports valued at ₦166.80 billion, and Egypt at ₦85.06 billion.
Nigeria’s imports from Africa in 2024 were led by specific commodities that cater to its agricultural, industrial, and infrastructural needs.
Diammonium phosphate, a crucial agricultural input, topped the list with a value of ₦41.13 billion, accounting for 8.02% of total imports from the continent. Mixtures of odoriferous substances, essential for the food and beverage industry, followed at ₦31.41 billion (6.13%).
Other notable imports included plasters at ₦29.54 billion (5.76%), polypropylene at ₦22.43 billion (4.38%), and petroleum bitumen at ₦19.88 billion (3.88%), which is critical for road construction and maintenance
