Nigeria’s Foreign Trade Surges to $172.5 Billion in 2024, Marking 106.56% Increase
Nigeria’s foreign trade reached a new milestone in 2024, surging to $172.5 billion—a remarkable 106.56% increase from the previous year. This surge is indicative of the country’s expanding trade relationships and growing economic engagement with global markets. Notably, Nigeria achieved a trade surplus of $21.1 billion, with exports totaling $96.9 billion and imports at $75.8 billion.
Europe emerged as Nigeria’s largest trading region, contributing $71.5 billion to the total trade volume. Asia followed closely with $62.4 billion, while the Americas accounted for $24.7 billion in trade. The top ten trading partners alone represented $112.3 billion of the total trade, making up 64.81% of Nigeria’s foreign trade.
China remained Nigeria’s largest trade partner, with total trade amounting to $14.5 billion. However, the trade relationship with China showed a significant trade deficit of $7 billion, driven by higher imports from the Asian giant. India, on the other hand, was another key player, achieving a trade volume of $11 billion and a favorable surplus of $3.5 billion.
Among Nigeria’s European trade partners, the Netherlands and France stood out, with trade surpluses of $5.8 billion and $6.7 billion, respectively. The United States, a significant player in the trade landscape, recorded total trade of $6.9 billion with Nigeria.
Other countries such as Spain, Canada, Germany, and the United Kingdom also made notable contributions, with varying trade surpluses. The figures underscore Nigeria’s growing global trade presence, especially within European and Asian markets.
As the country continues to diversify its trade relationships, these impressive figures highlight the increasing importance of Nigeria as a key player in the global trade network.
