Nigeria’s biggest trading partners in Q4 2024

Nigeria’s total trade value rose in the fourth quarter of 2024, reaching N36.6 trillion, a 68.3 percent increase compared to the same period in 2023 according to the latest Foreign Trade in Goods Statistics from the National Bureau of Statistics (NBS).

While exports accounted for N20 trillion, a 57.7 percent year-on-year rise, they declined slightly by 2.55 percent from Q3 2024. Imports, on the other hand, climbed to N16.6 trillion, 83.2 percent up from Q4 2023 and 8.57 percent from Q3 2024, driven by heightened demand for manufactured and raw material goods.

According to the new report, these countries were Nigeria’s biggest trading partners.

China leads in imports

China maintained its position as Nigeria’s largest import partner, supplying goods worth N4.61 trillion, which represented 27.8 percent of total imports. The bulk of these imports included machinery, transport equipment, and manufactured goods, signalling Nigeria’s heavy reliance on Chinese industrial products.

Following behind was India with N1.90 trillion in imports, while Belgium (N1.38 trillion, the United States (N1.05 trillion), and France (N601 billion) rounded out the top five.

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Europe dominates export destinations

On the export side, the Netherlands emerged as Nigeria’s top destination for goods, receiving N2.09 trillion worth of exports, representing 10.44 percent of total outbound trade.

France followed closely with N1.91 trillion, while Spain (N1.73 trillion), India (N1.59), and Indonesia (N1.40) completed the list of the top five export destinations. These five countries collectively accounted for 43.67 percent of the value of total exports in the fourth quarter of 2024.

Nigeria’s trade relationships were largely shaped by crude oil exports, which made up 68.9 percent of total exports at N13.78 trillion. The Netherlands, France, and Spain were among the biggest buyers of Nigeria’s crude, while India and Indonesia imported liquefied natural gas and other petroleum products.

Nigeria’s trade with Africa and ECOWAS

Within Africa, South Africa, Ivory Coast, and Senegal stood out as Nigeria’s top trading partners.

Exports to South Africa reached N761.95 billion, while Ivory Coast accounted for N756.37 billion in trade, largely driven by petroleum exports.

In Q4, 2024, the value of exports to African countries stood at N2.04 trillion, while imports amounted to N514.96 billion.

Meanwhile, within the ECOWAS region, Ivory Coast, Senegal, and Togo were Nigeria’s top partners, with Ivory Coast alone receiving over N756 billion in Nigerian exports.

Main exports were petroleum oils and oils from bituminous minerals, electrical energy, dredgers, Urea, whether or not in aqueous solution and Cigarettes containing tobacco.

Top imported products were plasters, other vehicles for goods transport, petrol fuel, engine less than 5 tonne, excluding dumpers, CKD, butanes mixtures of odoriferous substances used in the food or drink industries and crude palm oil.