Nigeria’s foreign trade surged to $172.5 billion in 2024, marking a 106.56% increase from the previous year. The country recorded a trade surplus of $21.1 billion, with exports totaling $96.9 billion and imports at $75.8 billion. The top ten trading partners accounted for $112.3 billion, making up 64.81% of total trade. Europe led as Nigeria’s primary trading region with $71.5 billion, followed by Asia at $62.4 billion and the Americas with $24.7 billion. China was Nigeria’s largest trade partner, with total trade of $14.5 billion, but a significant trade deficit of $7 billion due to higher imports. India followed with $11 billion in trade, achieving a surplus of $3.5 billion. The Netherlands and France ranked next, recording surpluses of $5.8 billion and $6.7 billion, respectively. The United States had total trade of $6.9 billion, while Spain, Canada, Germany, and the United Kingdom rounded out the list with varying surpluses. These figures highlight Nigeria’s growing global trade engagement, particularly with European and Asian markets.
Source: Nairametrics
