Nigeria has one of the largest economies in Africa with diverse domestic and international trade links. Nigeria’s foreign trade value in 2024 increased by a significant 106.56% from N66.83 trillion recorded in 2023 to N138.03 trillion ($89.9 billion), according to the National Bureau of Statistics.
The country achieved a trade surplus of N16.85 trillion, reflecting a robust trade balance with exports reaching N77.44 trillion and imports reaching N60.59 trillion.
The top ten trading partners totaled N89.47 trillion, representing 64.81% of the total trade volume. European countries led the way with N56.94 trillion, followed by Asia with N49.76 trillion, largely through partnerships with India and China. The Americas contributed N19.70 trillion, largely from oil and agricultural exports to the US and Canada.
List of Nigeria’s Top 10 Trading Partners
China – N17.14 trillion
Nigeria’s largest trading partner with a trade deficit of N11.15 trillion. Exports totaled N2.99 trillion, while imports stood at N14.15 trillion. The major imports were pesticides, telephones and air conditioners, while exports were mineral products and metals.
India – N11.97 trillion
Nigeria suffered a trade deficit of N390.49 billion. Exports reached N6.18 trillion, while imports reached N5.79 trillion. Major imports included kerosene and pharmaceuticals, while exports included petroleum oils and cashew nuts.
Africa (All African countries combined) – N10.89 trillion
Nigeria recorded a trade surplus of N6.58 trillion. Exports reached N8.74 trillion, while imports reached N2.16 trillion. Imports included jet fuel and maize, while exports included petroleum oils and cocoa beans. The AfCFTA’s Guided Trade Initiative and the reopening of the Nigeria-Niger border increased trade.
Spain – N9.595 trillion
A trade surplus of N6.66 trillion was achieved, with exports at N8.13 trillion and imports at N1.47 trillion. Major exports included petroleum oils and cocoa beans.
United States – N9.589 trillion
Nigeria recorded a trade surplus of N1.45 trillion. Exports stood at N5.52 trillion while imports stood at N4.07 trillion. Major exports included petroleum oils and refined lead, while imports included butanes and used vehicles.
Netherlands – N9.24 trillion
A trade surplus of N4.62 trillion was achieved with exports of N6.93 trillion and imports of N2.31 trillion. Major exports were petroleum oils and cocoa products, while imports included kerosene and pharmaceuticals.
France – N8.61 trillion
Nigeria reported a trade surplus of N5.30 trillion. Exports reached N6.96 trillion while imports stood at N1.66 trillion. Exports included petroleum oils and frozen shrimp.
Italy – N4.93 trillion
Nigeria exported N2.06 trillion and imported N542.92 billion with a surplus of N1.52 trillion. The main exports were crude oil and scrap metals, while imports included refined petroleum and machinery.
Canada – N4.54 trillion
A trade surplus of N3.91 trillion was recorded, with exports standing at N4.23 trillion and imports at N315.38 billion. Exports included mineral fuels and fertilisers, while imports included wheat and cars.
Germany – N2.95 trillion
A trade surplus of N419.33 billion was achieved, with exports standing at N1.68 trillion and imports at N1.26 trillion. The main exports were petroleum and cocoa, while imports included vehicles and grains.
The dominance of Europe in Nigeria’s trade landscape, coupled with strong performances in Asia and the Americas, highlights the country’s growing influence in global trade.