Nigeria’s foreign trade value in the full year 2024 reached N138.03 trillion, a substantial increase of 106.56% compared to N66.83 trillion recorded in the same period of the previous year, according to the National Bureau of Statistics.
Nigeria achieved a trade surplus of N16.85 trillion in 2024, driven by strong export performance totaling N77.44 trillion, outpaced by imports of N60.59 trillion.
This highlights the country’s robust trade balance.
The top ten trading partners totaled N89.47 trillion in trade, accounting for 64.81% of the total trade of N138.03 trillion.
European countries emerged as Nigeria’s leading trading region in FY 2024, with a trade value of N56.94 trillion. Asia followed with N49.76 trillion, fueled by substantial trade activities with major partners like India and China, while the Americas accounted for N19.70 trillion, primarily from oil and agricultural exports to the United States and Canada.
Below is a breakdown of Nigeria’s top ten trade partners in terms of imports and exports in 2024
10. Germany (Europe) – N2.95 trn
Trade with Germany reached N2.95 trillion. Exports were valued at N1.68 trillion and imports at N1.26 trillion, producing a surplus of N419.33 billion. Key exports were petroleum oil and cocoa products, and imports consisted of vehicles, plastic articles, and cereal preparations.
9. Canada (America) – N4.54 trn
Trade with Canada totaled N4.54 trillion. Exports were N4.23 trillion, and imports stood at N315.38 billion, resulting in a trade surplus of N3.91 trillion. Nigeria exports mineral fuels, oils, and fertilizers, while imports include wheat and cars.
8. Italy (Europe) – N4.93 trn
Nigeria’s trade with Italy was valued at N4.93 trillion. Exports were N2.06 trillion, and imports amounted to N542.92 billion, yielding a surplus of N1.52 trillion.
Exports usually comprise crude oil and precious metal scraps, while imports feature refined petroleum and industrial machinery.
7. France (Europe) – N8.61 trn
Trade with France amounted to N8.61 trillion. Nigeria exported goods worth N6.96 trillion and imported N1.66 trillion, achieving a trade surplus of N5.30 trillion. Key exports were petroleum oils, natural gas, and frozen shrimp.
6. Netherlands (Europe) – N9.24 trn
Trade volume with the Netherlands stood at N9.24 trillion. Exports totaled N6.93 trillion, while imports were N2.31 trillion, resulting in a trade surplus of N4.62 trillion. Major exports were petroleum oils and cocoa products, and imports included gas oil and medicines.
5. United States of America (America) – N9.589 trn
Nigeria’s trade value with the U.S. was N9.589 trillion, with exports at N5.52 trillion and imports at N4.07 trillion, producing a trade surplus of N1.45 trillion.
Nigeria imports butanes, used vehicles, motor spirit, ethyl alcohol etc. and exports to the USA Petroleum oils, Petroleum gas, urea, refined lead, flours and soya beans.
4. Spain (Europe) – N9.595 trn
The total trade volume with Spain reached N9.595 trillion. Nigeria exported goods worth N8.13 trillion and imported goods valued at N1.47 trillion, yielding a trade surplus of N6.66 trillion. Nigeria’s exports to Spain are petroleum oils, crude oil, natural gas, goat leather, and cocoa beans.
3. Africa – all trading African countries combined– N10.89 trn
Total trade value stood at N10.89 trillion. Exports amounted to N8.74 trillion, while imports were N2.16 trillion, creating a trade surplus of N6.58 trillion.
Imports included circuit breakers, jet fuel, maize, and transformers, while exports featured petroleum oils, cocoa beans, natural rubber, and cashew nuts.
The reopening of the Nigeria-Niger border and the AfCFTA’s Guided Trade Initiative boosted trade.
2. India (Asia) – N11.97 trn
Trade with India totaled N11.97 trillion. Imports from India were N5.79 trillion, significantly higher than exports of N6.18 trillion, resulting in a trade deficit of N390.49 billion.
Imports from India included gas oil, motorcycles, and pharmaceuticals, while exports featured petroleum oils, natural gas, and cashew nuts.
1. China (Asia) – N17.14 trn
Nigeria’s largest trading partner, with a total trade value of N17.14 trillion. Nigeria exported goods worth N2.99 trillion, pronouncedly lower than the imported products valued at N14.15 trillion, resulting in a trade deficit of N11.15 trillion.
Major imports include insecticides, herbicides, phones, air conditioners, and rotary pumps. Exports to China primarily consist of mineral products, metals, and vegetable products.
