Nigeria’s foreign trade value in the first half of 2024 (H1 2024) reached N65.88 trillion, a substantial increase of 162.33% compared to N27.78 trillion recorded in the same period of the previous year, according to the National Bureau of Statistics.
Nigeria achieved a trade surplus of N12 trillion in H1 2024, driven by strong export performance totaling N38.58 trillion.
This export figure significantly outpaced imports, which stood at N26.44 trillion, highlighting the country’s robust trade balance.
European countries emerged as Nigeria’s leading trading region in H1 2024, with a trade value of N27.38 trillion. Asia followed closely with N21.75 trillion, fueled by substantial trade activities with major partners like India and China, while the Americas accounted for N10.18 trillion, primarily from oil and agricultural exports to the United States and Canada.
Below is a breakdown of Nigeria’s top ten trade partners in terms of imports and exports in H1 2024
10. Germany: Trade with Germany reached N1.58 trillion. Exports were valued at N1.05 trillion, and imports at N530.51 billion, producing a surplus of N525.71 billion. Key exports were petroleum oil and cocoa products, and imports consisted of vehicles, plastic articles, and cereal preparations.
9. Canada: Trade with Canada totalled N2.51 trillion. Exports were N2.28 trillion, and imports stood at N227.84 billion, resulting in a trade surplus of N2.05 trillion. Nigeria exports mineral fuels, oils, and fertilizers, while imports include wheat and cars.
8. Italy: Nigeria’s trade with Italy was valued at N2.61 trillion. Exports were N2.06 trillion, and imports amounted to N542.92 billion, yielding a surplus of N1.52 trillion. Exports usually comprise crude oil and precious metal scraps, while imports feature refined petroleum and industrial machinery.
7. Netherland: Trade volume with the Netherlands stood at N4.38 trillion. Exports totalled N3.07 trillion, while imports were N1.30 trillion, resulting in a trade surplus of N1.76 trillion. Major exports were petroleum oils and cocoa products, and imports included gas oil and medicines.
6. France: Trade with France amounted to N4.41 trillion. Nigeria exported goods worth N3.94 trillion and imported N473.26 billion, achieving a trade surplus of N3.47 trillion. Key exports were petroleum oils, natural gas, and frozen shrimps.
5. Spain: Total trade volume with Spain reached N4.67 trillion. Nigeria exported goods worth N4.03 trillion and imported goods valued at N639.90 billion, yielding a trade surplus of N3.39 trillion. Nigeria’s exports to Spain are petroleum oils, crude oil, natural gas, goat leather, and cocoa beans.
4. United States of America (U.S.A): Nigeria’s trade value with the U.S. was N5.09 trillion, with exports at N3.16 trillion and imports at N1.92 trillion, producing a trade surplus of N1.24 trillion. Nigeria imports butanes, used vehicles, motor spirit, ethyl alcohol etc and exports to the USA Petroleum oils, Petroleum gas, urea, refined lead, flours and soya beans.
3. India: Trade with India totalled N5.50 trillion. Nigeria exported goods worth N3.26 trillion and imported products valued at N2.24 trillion, resulting in a trade surplus of N1.01 trillion. Imports from India included gas oil, motorcycles, and pharmaceuticals, while exports featured petroleum oils, natural gas, and cashew nuts.
2. Africa (other African countries combined): Total trade value stood at N5.55 trillion. Exports amounted to N4.59 trillion, while imports were N1.42 trillion, creating a trade surplus of N3.63 trillion. Imports included circuit breakers, jet fuel, maize, and transformers, while exports featured petroleum oils, cocoa beans, natural rubber, and cashew nuts. The reopening of the Nigeria-Niger border and the AfCFTA’s Guided Trade Initiative boosted trade.
1. China: Nigeria’s largest trading partner, with a total trade value of N7.38 trillion. Imports from China were N5.96 trillion, significantly higher than exports of N1.42 trillion, resulting in a trade deficit of N4.53 trillion. Major imports include insecticides, herbicides, phones, air conditioners, and rotary pumps. Exports to China primarily consist of mineral products, metals, and vegetable products.
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