In the first half of 2024, trade between Nigeria and Côte d’Ivoire reached N2.21 trillion, surpassing Nigeria’s trade volume with South Africa at N1.73 trillion. Côte d’Ivoire’s increased crude oil imports from Nigeria to supply its refinery have positioned the country as Nigeria’s largest trading partner in Africa.
According to the NBS Foreign Trade in Goods Statistics for Q2 2024, Nigeria made imports of about N114.8 billion from Cote D’Ivoire during the half-year, while exporting goods worth about N2.095 trillion to the country.
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Nigeria exported goods worth about N1.48 trillion to South Africa during the half-year, while making exports worth about N252.9 billion during the period.
In 2023, South Africa was Nigeria’s largest trading partner with a trade volume worth about N1.59 trillion, driven by N1.3 trillion exports and N291 billion imports.
Nigeria’s trade volume in the first half of 2024 was N65.03 trillion, with imports and exports worth N26.44 trillion and N38.59 trillion respectively, leading to a trade balance of N12.14 trillion. During the half-year, crude oil exports accounted for 78 percent, or N30 trillion of Nigeria’s total exports during the period.
Just like South Africa, Cote D’Ivoire has become a significant market for Nigerian crude oil, as the country’s state-run refinery has become a major petroleum supplier to other West African countries.
In the first half of 2024, Nigeria recorded N4.59 trillion in exports to Africa, while imports totaled N957 billion, resulting in a trade surplus of approximately N3.64 trillion. Crude oil accounted for N4.02 trillion, or 88 percent, of these exports.
Experts note that Cote D’Ivoire’s steady economic growth in agriculture and mining has heightened the need for goods like petroleum from Nigeria.
Further review of Nigeria’s trade with the rest of Africa shows that the country maintained a trade surplus with most of its trading partners. Apart from Cote D’Ivoire and Egypt, West African nations make up some of Nigeria’s largest African trading partners, including; Senegal with a trade volume of N367.6 billion in H1 2024.
Togo was Nigeria’s fourth largest trading partner, with a trade volume of N358.7 billion in the first half of 2024. This marked a significant boost from the N130.1 billion trade volume between Nigeria and Togo in the 2023 full year.
Joseph Aniekan, a public policy expert and former consultant with UNICEF speaking to BusinessDay noted that the surging activity in Port of Lomé has made the country a key transit hub.
He also noted, “Togo serves as a hub for re-exports of Nigerian goods, often offering lower tariffs, which makes it a cost-effective entry point for products.”
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According to the data, empirically, Nigerian goods are being re-exported from Togo. In 2023, Nigeria had a N7.4 billion trade deficit with Togo, however, in the first half of 2024, there was a surge of exports from Nigeria to Togo, as the trade surplus hit N125.5 billion in six months.
Namibia is Nigeria’s fifth largest African trading partner, with a trade volume of N113.8 billion in six months. This comes off a surge of Nigerian crude oil exports to Namibia in H1 2024.
Ghana is Nigeria’s sixth-largest trading partner in Africa with a trade volume of N109 billion, followed by Egypt with a N103.1 billion trade volume. Benin Republic, Equatorial Guinea, and Morocco make up Nigeria’s top ten largest trade partners in Africa.
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