Nigeria’s trade landscape saw a major shift in 2024, with Africa surpassing Europe and Asia as the country’s largest export destination.
According to the latest data from the National Bureau of Statistics (NBS), Nigeria recorded a trade surplus of N21.85 trillion, as total exports reached N59.44 trillion, outpacing imports of N37.59 trillion. The surge was driven by increased trade within Africa and strong global demand for Nigerian crude oil and other key exports.
For the first time, African markets collectively outperformed long-standing trade partners such as China, India, and the United States, with N8.74 trillion worth of Nigerian goods heading to the continent. This shift highlights the growing impact of the African Continental Free Trade Area (AfCFTA) and Nigeria’s expanding role in regional commerce.
Africa Leads Nigeria’s Export Growth
Data from Q4 2024 shows that 10.2% of Nigeria’s total exports went to Africa, amounting to N2.04 trillion. Of this, ECOWAS countries accounted for N1.18 trillion (57.56%), reinforcing West Africa’s strong trade ties with Nigeria.
Key African export destinations included:
- South Africa – N761.95 billion
- Ivory Coast – N756.37 billion
- Senegal – N236.87 billion
- Cameroon – N54.02 billion
- Togo – N47.97 billion
This marks a significant increase from 2023, when total trade between Nigeria and Africa stood at N3.71 trillion, slightly below the Netherlands’ N4.51 trillion trade volume with Nigeria at the time.
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What’s Driving Nigeria’s Export Boom?
Nigeria’s top five export commodities to Africa in Q4 2024 were:
- Petroleum oils and bituminous minerals – N1.63 trillion (79.77%)
- Electrical energy – N75.66 billion (3.71%)
- Dredgers – N73.99 billion (3.62%)
- Urea (fertilizer) – N40.34 billion (1.98%)
- Cigarettes containing tobacco – N32.50 billion (1.59%)
These products accounted for 90.66% of total exports to Africa. Meanwhile, Nigeria’s crude oil continued to dominate European markets, with Spain (N8.13 trillion), France (N6.96 trillion), and the Netherlands (N6.93 trillion) leading demand.
Implications for Nigeria’s Economy
Africa’s emergence as Nigeria’s top export market signals a growing reliance on regional trade rather than Western economies. With AfCFTA in full swing, Nigerian businesses now have broader access to African markets, fostering economic integration and reducing dependency on distant trade partners.
The continued trade surplus also suggests strong foreign exchange inflows, potentially boosting Nigeria’s forex reserves and economic stability. As the country navigates global trade uncertainties, its increasing ties with African economies could provide a more sustainable growth path in the years ahead.
