- Africa emerged as Nigeria’s top export market in 2024, surpassing Europe and Asia.
- Nigeria records a trade surplus of ₦21.85 trillion as total exports hit ₦59.44 trillion, with petroleum oils, electrical energy, and fertilizers leading exports to key African and global markets.
Nigeria’s trade landscape has shifted dramatically in 2024, with Africa emerging as the country’s largest export destination. The latest data from the National Bureau of Statistics (NBS) reveals a significant trade surplus fueled by strong exports to African nations and key global markets.
According to NBS, Nigeria’s total exports reached ₦59.44 trillion, far exceeding total imports of ₦37.59 trillion. This created a trade surplus of ₦21.85 trillion, reinforcing Nigeria’s position as a major exporter.
Africa was the country’s top regional export market, accounting for ₦8.74 trillion in exports. While China, India, the United States, and Spain remained key trading partners, Africa surpassed all regions for the first time.
In Q4 2024 alone, Nigeria’s exports to Africa stood at ₦2.04 trillion, with ECOWAS countries receiving ₦1.18 trillion, or 57.56% of total exports to Africa.
Africa has overtaken Europe and Asia as Nigeria’s largest regional export destination for the first time. This growth is driven by the implementation of the African Continental Free Trade Area (AfCFTA) and increasing intra-African trade.
In 2023, Africa’s total trade with Nigeria was ₦3.71 trillion, slightly behind the Netherlands’ ₦4.51 trillion. However, in 2024, African trade surged, making it the dominant export market.
Africa, Spain, France, the Netherlands, India, the United States, China, Italy, Canada, Germany, the United Kingdom, Brazil, Japan, and Oceania were the top export destinations in 2024.
Nigeria’s top African trading partners included South Africa, which received ₦761.95 billion in exports, followed by Ivory Coast with ₦756.37 billion, Senegal with ₦236.87 billion, Cameroon with ₦54.02 billion, and Togo with ₦47.97 billion. These five countries accounted for 90.95% of Nigeria’s exports to Africa.
Nigeria’s top exports to Africa in Q4 2024 included petroleum oils and oils from bituminous minerals valued at ₦1.63 trillion, accounting for 79.77% of total exports. Other key exports were electrical energy at ₦75.66 billion, dredgers at ₦73.99 billion, urea (fertilizer) at ₦40.34 billion, and cigarettes containing tobacco at ₦32.50 billion. These five products made up 90.66% of total exports to Africa.
Meanwhile, Spain, France, and the Netherlands led European demand for Nigerian crude oil and gas. India and the United States remained key players in the country’s energy and manufacturing exports, while China remained a major market for Nigerian agricultural produce.
Africa’s rise as Nigeria’s biggest export market signals a shift toward regional trade reliance. With AfCFTA in effect, Nigerian businesses have greater access to a 1.3 billion-person market, reducing dependence on Western economies.
The Nigerian government ratified AfCFTA in 2021, and the agreement has since unlocked new trade opportunities across the continent.
Nigeria’s ₦21.85 trillion trade surplus also strengthens the country’s foreign exchange reserves and economic stability. With intra-African trade on the rise, Nigeria is set to deepen its role as a leading exporter on the continent.