Nigeria's Trade Profile

Comprehensive overview of Nigeria's international trade performance, key statistics, and market trends

Nigeria, a central hub for West African trade, recorded a trade surplus of $11.39 billion in 2024, characterised by a heavy reliance on crude oil exports and a significant dependence on manufactured imports from Asia and the West. Its total external trade as a percentage of GDP increased to 49.7% in 2024 from 28.5% in 2023.

In 2024, Nigeria's total exports were valued at $52.36 billion, with Spain, France, and the Netherlands as the top trade partners. Total imports were valued at $40.97 billion, with China, Belgium and India as the top trade partners.

Key Trade Statistics

Total GDP

$252.26B

2024

Total Trade Value

$93.33B

2024

Total Exports Value

$52.36B

2024

Total Exports (% of GDP)

20.7%

2024

Total Imports Value

$40.97B

2024

Total Imports (% of GDP)

16.2%

2024

Trade Balance

$11.39B

2024

Source: https://x.com/AgoraPolicy/status/1900227457384329634

Export Profile

Export Growth Trend (2015-2024)

Total export

Total trade

Annual GDP

Source: https://tradingeconomics.com/nigeria/exports-by-country

Top 10 Export Destinations (2024)

Spain $5.5B (16%)

France $4.7B (13%)

Netherlands $4.69B (13%)

India $3.91B (11%)

United States $3.8B (11%)

Indonesia $2.94B (8%)

Canada $2.86B (8%)

Italy $2.7B (8%)

China $2.03B (6%)

Ivory Coast $1.98B (6%)

Source: https://tradingeconomics.com/nigeria/exports-by-country

Top 10 Export Commodities

Mineral fuels, oils, distillation products $46.4B (90%)

Cocoa and cocoa preparations $1.92B (4%)

Fertilizers $0.85B (2%)

Oil seed, oleagic fruits, grain, seed, fruits $0.68B (1%)

Ships, boats, and other floating structures $0.64B (1%)

Aluminium $0.34B (1%)

Edible fruits, nuts, peel of citrus fruit, melons $0.28B (1%)

Source: https://tradingeconomics.com/nigeria/exports-by-country

Contribution by sector

Oil and Gas $5.5B (16%)

Manufacturing $4.7B (13%)

Agriculture $4.69B (13%)

Services $3.91B (11%)

Solid Minerals / Others $3.8B (11%)

Source: https://tradingeconomics.com/nigeria/exports-by-country

Import Profile

Import Growth Trend (2015-2024)

Total import

Total trade

Annual GDP

Source: https://tradingeconomics.com/nigeria/imports-by-country

Top 10 Import Countries (2024)

China $9.57B (34%)

Belgium $4.73B (17%)

India $4.18B (15%)

United States $2.76B (10%)

Netherlands $1.56B (5%)

UAE $1.51B (5%)

France $1.12B (4%)

Saudi Arabia $1.01B (4%)

Spain $0.99B (3%)

Brazil $0.92B (3%)

Source: https://tradingeconomics.com/nigeria/imports-by-country

Top 10 Import Commodities

Mineral fuels, oils, distillation products $15.57B (51%)

Machinery, nuclear reactors, boilers $4.34B (14%)

Vehicles other than railway, tramway $2.32B (8%)

Electrical, electronic equipment $2.32B (8%)

Plastics $1.82B (6%)

Cereals $1.21B (4%)

Source: https://tradingeconomics.com/nigeria/imports-by-country

Contribution by sector

Manufacturing $18.11B (16%)

Refined Petroleum (Fuel) $15.57B (13%)

Raw Materials $4.51B (13%)

Agricultural Products $3.91B (11%)

Solid Minerals / Others $3.8B (11%)

Source: https://tradingeconomics.com/nigeria/imports-by-country

Regional & Global Trade Agreements

ECOWAS Trade Liberalisation Scheme (ETLS)
African Continental Free Trade Area (AfCFTA)
WTO membership commitments
Bilateral trade agreements (with the UK, China, etc.)

Trade Facilitation & Logistics

Main ports of entry (Apapa, Tin Can, Lekki, Onne, Idiroko border and Seme border)
Key challenges (infrastructure, clearance delays, non-tariff barriers)
Ongoing reforms (Nigeria Customs modernisation, National Single Window, scanner deployment)

Trade Inquiries

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.)