• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 

Nnaemeka Onyekachi by Nnaemeka Onyekachi
June 21, 2025
in Business News
Yusuf Tuggar at a U.S.-Nigeria diplomatic meeting.
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Federal Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has said that in 2024, West Africa’s exported goods were valued at over $166 billion.

Despite this figure, the minister stressed that only 8.6 per cent of that trade remained within “our borders.”

He made this remark at the fully packed West Africa Economic Summit (WAES) 2025, currently being held in Abuja and attended by Nairametrics.

RelatedStories

SEC: Nigeria is ready for stablecoins that empower citizens and safeguard markets

SEC DG urges West Africa to fast-track Capital Market Integration

October 2, 2025
BIG READ: Low patronage sparks fear of job losses for petrol stations  

Nigeria spends N4 trillion on fuel imports in H1 2025 

September 13, 2025

West Africa Trade 

The minister stressed that aside from relevant data on West Africa’s exported goods, imports follow the same pattern, heavily tilted towards partners outside the continent.

“Let us not forget that in 2024, West Africa exported goods valued at over $166 billion. Yet only 8.6 per cent of that trade remained within our borders. 

“Machinery and manufactured goods from China, India, the United States, and the European Union dominate our import flows, while we continue to export unprocessed raw materials,” he said.  

He highlighted, however, that this trajectory and issue is not just capacity, but orientation.

  • He said that as governments, states, and the region, there is a need to do more to make it easy to bring activity within the formal sector, to bring with it the economies of scale and other efficiencies that will accelerate growth and help entrepreneurs.
  • He observed that the informal sector has found ways to deliver what the market wants, thereby bypassing borders and regulations when they are too slow and bureaucratic.

More insights 

At the event, President Bola Tinubu called for strengthening regional value chains across West Africa to boost the low level of intra-regional trade in the area.

He noted that intra-regional trade in West Africa remains under 10%, a challenge stakeholders can no longer afford to ignore.

  • Tinubu explained that the low trade in the sub-region is not due to a failure of will but rather “a coordination failure.”

What to know about Nigeria’s exports in ECOWAS and African borders 

Nigeria has witnessed a major shift in its trade dynamics, with Africa emerging as the country’s largest export destination in 2024.

In Q4 2024, Nigeria’s exports to Africa stood at N2,042.06 billion or 10.20% of the total exports; out of which, goods exported to ECOWAS countries were valued at N1,175.44 billion or 57.56% of the total exports to Africa, according to NBS.

Africa collectively took the lead as Nigeria’s largest regional export market in 2024, accounting for N8.74 trillion in exports.

What you should know 

WAES 2025 is an initiative of President Bola Ahmed Tinubu, implemented by the Ministry of Foreign Affairs of the Federal Republic of Nigeria. It is envisioned to serve as a high-level platform for strategic dialogue and regional cooperation.

With the theme, “Unlocking Trade and Investment Opportunities in the Region,” the Summit aims to deepen economic cooperation, facilitate cross-border investment, and accelerate sustainable development across key sectors such as trade, energy, agriculture, infrastructure, digital finance, and regional integration.

The summit featured the gathering of Heads of State and Government from Benin Republic, Liberia, Sierra Leone, senior policymakers, business leaders, development institutions, and youth innovators from across the West African sub-region.

Tags: African bordersECOWASWAES 2025West Africa Economic SummitYusuf Maitama Tuggar
Nnaemeka Onyekachi

Nnaemeka Onyekachi

My name is Nnaemeka Onyekachi, a writer, public speaker and an award winning journo with over 5,000 reports on a wide range of topics associated with the Nigerian society and the international community. Currently serving as a Senior Editorial Analyst at Nairametrics, my passion lies in delivering insightful financial,corporate, economic news and analysis on foreign relations, governance, judiciary and legislature.

Related Posts

SEC: Nigeria is ready for stablecoins that empower citizens and safeguard markets
Markets

SEC DG urges West Africa to fast-track Capital Market Integration

October 2, 2025
BIG READ: Low patronage sparks fear of job losses for petrol stations  
Economy

Nigeria spends N4 trillion on fuel imports in H1 2025 

September 13, 2025
Trade , export, Nigeria
Economy

Nigeria records 663 million metric tonnes in exports to ECOWAS in H1 2025 — NEPC 

August 10, 2025
Nigeria, Benin begin implementation of economic cooperation agreement 
Economy

Nigeria, Benin begin implementation of economic cooperation agreement 

August 4, 2025
WATRA pushes for infrastructure sharing to lower cost of internet in West Africa
Sectors

West Africa could unlock billions of dollars in investments with harmonized digital market—WATRA  

July 30, 2025
Under Tinubu, a blueprint for Nigeria’s consumer credit economy is quietly unfolding 
Business News

‘The era of pit to port must end’ – Tinubu tells West African leaders at WAES2025 

June 21, 2025
Next Post
Air Peace

FG secures Heathrow Airport slot for Air Peace under BASA with UK 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

arco
access bank
nairametrics
first bank









DUNS

Recent News

  • Omi Eko: Lagos commences €410 million inland waterway project on Lagos Lagoon 
  • UBA, ACCESSCORP lead volume as All-Share Index firms above N94 trillion cap 
  • Over 50% of migrant HIV cases in Switzerland occur post-migration – Study 

Follow us on social media:

Recent News

Lagos to earn additional $1 billion forex inflows annually 

Omi Eko: Lagos commences €410 million inland waterway project on Lagos Lagoon 

October 17, 2025
NGX

UBA, ACCESSCORP lead volume as All-Share Index firms above N94 trillion cap 

October 17, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics