According to the National Bureau of Statistics (NBS), Nigeria recorded total exports of $38.93 billion, more than its imports of $24.62 billion. Consequently, the West African nation had a trade surplus of $14.31 billion in 2024. Africa led Nigeria’s export markets with $5.72 billion in exports, overtaking Europe and Asia for the first time. Spain followed with $5.32 billion, while France and the Netherlands recorded $4.56 billion and $4.54 billion, respectively. Key African buyers included South Africa ($498.98 million), Ivory Coast ($495.33 million), and Senegal ($155.12 million). Petroleum products dominated exports, accounting for nearly 80% of Africa-bound shipments. The surge highlights Nigeria’s growing influence in intra-African trade, bolstered by the African Continental Free Trade Area (AfCFTA).
Source: Nairametrics