Record Trade Surplus for Nigeria in 2024
The National Bureau of Statistics (NBS) has reported that Nigeria achieved a trade surplus of $14.31 billion in 2024, with total exports amounting to $38.93 billion, surpassing imports of $24.62 billion. This marks a significant milestone for the West African nation, showcasing its strong position in the global market.
Africa Emerges as Top Export Destination
Africa emerged as Nigeria’s largest export market in 2024, with exports totaling $5.72 billion. This milestone signifies a shift in trade dynamics, as Europe and Asia were overtaken by the continent for the first time. Spain, France, and the Netherlands also featured prominently as key export destinations, further diversifying Nigeria’s trade portfolio.
Key African Buyers and Trade Trends
South Africa, Ivory Coast, and Senegal emerged as key African buyers for Nigerian exports, with significant trade volumes recorded with each country. Petroleum products played a pivotal role in driving exports, accounting for nearly 80% of shipments to Africa. This highlights Nigeria’s strong presence in intra-African trade, supported by initiatives such as the African Continental Free Trade Area (AfCFTA).
Sources: Nairametrics
