Nigeria led West Africa as the region’s largest intra-African trading country in 2024, hitting $18.4 billion in trade last year.
This is according to a report launched by the African Export-Import Bank (Afreximbank) on Wednesday.
The flagship report, titled “2025 African Trade Report,” was launched by Prof. Benedict O. Oramah, President and Chairman of the Board of Directors of Afreximbank; Vice President of the Federal Republic of Nigeria, Kashim Shettima(represented by Mr. Tope Fasua) ; Mr. Denys Denya, Senior Executive Vice President of Afreximbank; and other top executives at the ongoing Afreximbank Annual Meetings attended by Nairametrics.
Intra-Africa Trade Details
According to the report, “In West Africa, Nigeria emerged as the region’s largest intra-African trading country as trade with the rest of Africa expanded to reach approximately US$18.4 billion in 2024, up from just US$8.1 billion in 2023.”
- Crude oil remained Nigeria’s primary export to African markets during the period, but there was growing momentum toward refined product exports following the operational launch of the Dangote Refinery.
“The refinery, Africa’s largest with a processing capacity of 650,000 barrels per day, began supplying petroleum products directly to Cameroon and other neighbouring markets,” the report added.
This development, the report states, is expected to reduce dependency on intermediaries and foster regional energy integration.
- In 2024, intra-African trade demonstrated a gradual yet consistent advancement toward deeper continental integration, even amid global economic uncertainties, reflected in the robust growth of intra-African trade during 2024 compared with a contraction in 2023, the report added.
- This upturn was largely driven by stronger performance in major economies such as Nigeria and Morocco, offsetting weaker performances in Ethiopia and Côte d’Ivoire.
The report states that South Africa maintained its position as the leading intra-African trading nation in 2024.
“South Africa’s intra-African trade continued to be bolstered by strong ties within the Southern African Customs Union and the Southern African Development Community. Notably, Mozambique, Botswana, Zimbabwe, Namibia, and Zambia remained among South Africa’s key trading partners,” the report added.
- As a whole, the report disclosed that intra-African trade reached $220.3 billion in 2024, compared with $196.04 billion in 2023 and US$208.3 billion in 2022.
- The top five intra-African exporters in 2024, according to the report, are South Africa, Côte d’Ivoire, Egypt, Nigeria, and Zimbabwe.
These five countries are followed by Mali, Ghana, Zambia, the Democratic Republic of Congo, and Namibia.
Nigeria In Focus
Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, in his welcome address, said the unwavering support from the Federal Government of Nigeria, evident in its unequivocal response to capital calls and the removal of regulatory hurdles, has been instrumental in the bank’s business operations in Nigeria and elsewhere in the West African sub-region.
“With the backing of the Nigerian Government and the collective efforts of all our stakeholders, we have positioned the Bank at the forefront of Africa’s socio-economic battle and rallied the support of political leaders and policymakers behind it,” he stated.
- He revealed that over the past 32 years, Afreximbank has mobilised over $250 billion into Africa, empowered industries long neglected by conventional financiers, and served as a lifeline during crises — from the COVID-19 pandemic to commodity shocks and broken supply chains.
What You Should Know
Nigeria’s total trade exports surged to $50.4 billion in 2024, driven by exchange rate depreciation and the elimination of fuel subsidies, which boosted the country’s trade balance.
- Data from the National Bureau of Statistics (NBS) showed that Nigeria recorded a total trade volume of N138 trillion, the highest in the country’s history, representing a 106% increase compared to the previous year.
- While Nigeria’s foreign trade data paints a positive picture and boosts confidence in the economy, it is important to note that the figures exclude trade in services, which constitutes a significant portion of the country’s foreign exchange demand.
- Nigeria spends heavily on imported services, particularly in sectors such as technology, consulting, technical services, and support.
- These outflows contribute to the persistent pressure on the exchange rate and significantly impact the actual current account balance.
Despite this, data from the Central Bank of Nigeria (CBN) shows that Nigeria recorded a current account balance of $5.14 billion in Q3 2024, according to the CBN’s Balance of Trade report.
This suggests some improvement in external accounts, even as the country continues to grapple with forex-related challenges.
