An overview of Nigeria's service exports and imports, covering key sectors, regulations, and opportunities in the global services market
In 2024, Nigeria's international trade in services continued to show a significant structural deficit. Based on the Central Bank of Nigeria (CBN) and UNCTAD data, the total value of trade in services was approximately $22.5 billion.
The deficit remained nearly unchanged from 2023, reflecting Nigeria's continued reliance on foreign providers for high-value services such as transportation and business consulting.
Total GDP
$252.26B
2024
Value of Service
$22.5B
2024
Share of Services in GDP (%)
57%
2024
Value of Service Exports
$4.57 B
2024
Value of Service Imports
$17.29B
2024
Balance of Trade in Services
$13.22 B
2024
Service
Sector
Source
Financial Services
Banking, fintech, insurance.
ICT & Digital Services
Software, mobile apps, outsourcing, tech startups
Transportation & Logistics
Air, maritime, freight forwarding
Professional Services
Legal, accounting, consulting, education
Creative & Cultural Services
Nollywood, music, fashion
Tourism & Hospitality
Inbound/outbound travel, hotels.
Service Growth Trend (2015-2024)
Total export
Total trade
Annual GDP
Top Service Export Destinations (2024)
South Africa $1.18B (33%)
Ivory Coast $0.85B (24%)
United States $0.64B (18%)
United Kingdom $0.48B (13%)
Ghana $0.42B (12%)
Top Service Import Sources (2024)
United States $4.01B (34%)
United Kingdom $3.15B (27%)
China $2.03B (17%)
India $1.42B (12%)
Netherlands $0.67B (6%)
Top Service Exports by Category
Transport $2.2B (48%)
Financial Services $1.14B (25%)
Other Business Services $0.68B (15%)
Telecoms $0.18B (4%)
Travel $0.3B (7%)
Other $0.06B (1%)
Top Service Imports by Category
Transportation $5.5B (49%)
Personal Travel & Education $4.7B (24%)
Business & Technical Services $4.69B (18%)
ICT & Digital Licenses $3.91B (9%)
Challenges: Infrastructure gaps (ICT/broadband), limited international recognition of professional certifications, and regulatory overlaps.
Opportunities: Africa's largest youth-driven digital market, AfCFTA services liberalisation, global demand for entertainment & creative services.
Federal Ministry of Industry, Trade & Investment
Block H, Old Secretariat, Area 1, Garki, Abuja, Nigeria.
+234 (0) 123-456-7890 • +234 (0) 987-654-3210
info@fmiti.gov.ng
Disclaimer: Trade data provided are for reference and should be confirmed with official sources (NBS, CBN, FMITI).
Federal Republic of Nigeria
Political system
Federal Republic
Capital
Abuja
Commercial centre
Lagos
Currency
Nigerian Naira (NGN)
Population
223 million (2024 est.)
Total area
923,768 km²
GDP
$477.4 billion (2024 est.)