Nigeria has undergone a notable change in its trade landscape, with Africa becoming the primary export market for the country in 2024, as indicated by the most recent trade statistics from the National Bureau of Statistics (NBS). This shift underscores a growing emphasis on intra-African trade and the impact of the African Continental Free Trade Area (AfCFTA), which has facilitated stronger regional economic ties.
The NBS report reveals that Nigeria’s total exports for the year reached N59.44 trillion, significantly outpacing total imports of N37.59 trillion. This resulted in an impressive trade surplus of N21.85 trillion, highlighting Nigeria’s ability to earn more from exports than it spends on imports. This positive trade balance reinforces Nigeria’s position as a key player in global trade.
While traditional trading partners such as China, India, the United States, and Spain remain critical to Nigeria’s trade portfolio, Africa has collectively taken the lead as Nigeria’s largest regional export market. Exports to the continent totaled N8.74 trillion, accounting for a substantial share of Nigeria’s overall export revenue.
Africa Takes the Lead
For the first time, Africa has surpassed Europe and Asia as the top regional destination for Nigerian exports. This milestone is attributed to the growing momentum of intra-African trade and the implementation of the AfCFTA, which has created a more integrated and accessible market for Nigerian goods.
In Q4 2024, Nigeria’s exports to Africa stood at N2,042.06 billion, representing 10.20% of total exports. Within Africa, the Economic Community of West African States (ECOWAS) accounted for the largest share, with exports valued at N1,175.44 billion, or 57.56% of total exports to the continent.
This marks a notable shift from 2023, when Africa’s total trade value with Nigeria was N3.71 trillion, slightly behind the Netherlands’ N4.51 trillion. The growth in trade within Africa underscores the increasing importance of regional markets and the potential for Nigeria to further expand its economic influence across the continent.
Top Export Destinations in 2024
The NBS data outlines Nigeria's primary export markets for 2024 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.
In Africa, the leading recipients of Nigerian exports included: South Africa – N761.95 billion, Ivory Coast – N756.37 billion, Senegal – N236.87 billion, Cameroon – N54.02 billion, and Togo – N47.97 billion. Collectively, these five nations represented 90.95% of Nigeria's exports to the continent.
Key Export Drivers
An in-depth analysis of Nigeria’s export commodities reveals that the country’s trade with African nations in the fourth quarter of 2024 was dominated by a few key products. The top exports included:
- Petroleum oils and oils derived from bituminous minerals – Valued at N1,628.85 billion, this category accounted for 79.77% of Nigeria’s total exports to Africa. This underscores Nigeria’s continued reliance on its energy sector as a major revenue driver.
- Electrical energy – Exports in this category totaled N75.66 billion, representing 3.71% of total exports to the continent.
- Dredgers – These contributed N73.99 billion, or 3.62% of total exports.
- Urea, whether or not in aqueous solution – Exports in this category amounted to N40.34 billion, making up 1.98% of total exports.
- Cigarettes containing tobacco – Valued at N32.50 billion, this category accounted for 1.59% of total exports.
Collectively, these top five products represented 90.66% of Nigeria’s total exports to Africa, highlighting the concentration of trade in a few key sectors.
Global Demand for Nigerian Exports
Beyond Africa, Nigeria’s energy resources continued to attract strong global demand. Spain, France, and the Netherlands** emerged as leading destinations for Nigerian crude oil and gas in Europe, reflecting the continent’s reliance on Nigeria’s energy exports.
In addition, India and the United States played critical roles in Nigeria’s energy and manufacturing export markets. These countries have consistently been major trading partners, importing significant quantities of Nigerian oil and manufactured goods. Meanwhile, China remained a key destination for Nigeria’s agricultural exports, further diversifying the country’s trade portfolio.
Implications for Nigeria’s Economy
The rise of Africa as Nigeria’s primary export market marks a significant shift in the country’s trade dynamics. This trend underscores the growing importance of intra-African trade and the potential for Nigeria to deepen its economic ties within the region.
The implementation of the African Continental Free Trade Area (AfCFTA), which officially commenced on January 1, 2021, has been a major catalyst for this shift. By ratifying its membership in the AfCFTA, Nigeria has gained access to a vast market of over 1.3 billion people, reducing its dependency on Western economies and creating new opportunities for economic growth.
Furthermore, Nigeria’s sustained trade surplus —driven by robust export revenues—has positive implications for the country’s foreign exchange reserves and overall economic stability. This trend not only strengthens Nigeria’s position as a key player in global trade but also highlights the potential for further economic diversification and regional integration.