Nigeria has experienced a significant shift in its trade dynamics, with Africa emerging as the country’s largest export destination in 2024. This development, as highlighted in the latest trade data released by the National Bureau of Statistics (NBS), marks a turning point in Nigeria’s economic relationships, with intra-African trade playing an increasingly dominant role.
The report reveals that Nigeria’s total exports for the year stood at N59.44 trillion, significantly surpassing imports of N37.59 trillion, resulting in a trade surplus of N21.85 trillion. While traditional trading partners such as China, India, the United States, and Spain remain essential to Nigeria’s exports, Africa has collectively taken the lead as Nigeria’s largest regional export market, accounting for N8.74 trillion in exports.
This shift is believed to have been largely driven by the growing influence of the African Continental Free Trade Area (AfCFTA), which has provided an integrated framework for increased intra-African trade. With its implementation formally taking off on January 1, 2021, the AfCFTA aims to create a single continental market, allowing African businesses to trade with fewer restrictions and reduced tariffs. The latest trade data indicates that Nigeria is beginning to reap the benefits of this agreement, with more Nigerian goods flowing into African markets than ever before.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (next edition begins Jan 24 2026).
A comparison with previous years illustrates the scale of this transformation. In 2023, Nigeria’s total trade with Africa stood at just N3.71 trillion, slightly behind the Netherlands, which accounted for N4.51 trillion in trade with Nigeria. However, by 2024, Nigerian exports to Africa had more than doubled, firmly positioning the continent as Nigeria’s most significant export destination.
The NBS trade report further reveals that in Q4 2024, Nigeria’s exports to Africa were valued at N2.04 trillion, representing 10.2% of the country’s total exports. Exports to ECOWAS nations alone were valued at N1.18 trillion, meaning that West Africa accounted for 57.56% of Nigeria’s total exports to the continent. This highlights the growing importance of regional economic integration, particularly among Nigeria’s closest neighbors.
Top Export Destinations for Nigerian Goods in 2024
The largest export markets for Nigerian goods in 2024 reflect this shift. While Africa as a whole took the top spot with N8.74 trillion, key European and Asian markets remained relevant. Spain received N8.13 trillion worth of Nigerian exports, France accounted for N6.96 trillion, and the Netherlands imported N6.93 trillion worth of goods. Other major destinations included India, the USA, China, Italy, Canada, Germany, the UK, Brazil, and Japan, with values ranging from N5.78 trillion to N825.41 billion.
A closer analysis of Nigeria’s trade within Africa shows that exports were mainly concentrated in a few key countries. South Africa emerged as the leading buyer, with imports worth N761.95 billion, followed closely by Ivory Coast at N756.37 billion. Senegal, Cameroon, and Togo were also among the top five African importers of Nigerian goods, collectively accounting for 90.95% of Nigeria’s total exports to the continent. This concentration suggests that while Africa has become Nigeria’s largest market, trade remains heavily reliant on a handful of economies.
Key Export Commodities Driving Nigeria’s Trade Growth
A breakdown of Nigeria’s key exports reveals the dominance of energy and industrial commodities in driving trade growth. Petroleum oils and oils obtained from bituminous minerals were the most significant exports to Africa, valued at N1.63 trillion, representing 79.77% of total exports to the continent. Electrical energy followed, accounting for N75.66 billion or 3.71%, while dredgers, urea, and cigarettes containing tobacco rounded out the top five exports. These commodities collectively made up 90.66% of Nigeria’s total exports to Africa, underscoring the importance of energy, manufacturing, and industrial products in the country’s trade balance.
Outside Africa, Nigeria’s crude oil and gas exports remained highly sought after in European markets, with Spain, France, and the Netherlands leading demand. India and the USA also played crucial roles in Nigeria’s energy and manufacturing export markets, while China remained a dominant destination for Nigerian agricultural produce and raw materials.
This shift in trade patterns carries significant implications for Nigeria’s economy. The rise of Africa as Nigeria’s primary export market signals a stronger focus on intra-African trade, which could reduce Nigeria’s reliance on Western economies and traditional trade routes. As AfCFTA continues to be implemented, Nigerian businesses stand to gain greater access to a vast market of over 1.3 billion people.
Beyond the benefits of diversification, the continued trade surplus suggests that Nigeria’s export revenues are increasing, which could contribute to stronger foreign exchange reserves and greater economic stability. This is particularly significant at a time when foreign exchange volatility and naira depreciation remain pressing concerns for policymakers and businesses.
Economists believe that the more Nigeria can expand its trade relationships within Africa, the less vulnerable its economy may be to external shocks and fluctuations in global oil prices.
The expansion of intra-African trade also presents new opportunities for industrialization. While crude oil remains Nigeria’s dominant export, the increasing flow of goods to Africa suggests that non-oil sectors, such as manufacturing and industrial production, are beginning to gain momentum. The export of fertilizers (urea), electrical energy, and industrial machinery signals an early shift toward a more diversified trade portfolio, though much work remains in reducing the country’s overdependence on oil.
Challenges and Risks in Nigeria’s Trade Expansion
Despite the promising trends, several challenges remain. Policy analysts note that poor transport infrastructure, high logistics costs, and unreliable power supply limit Nigeria’s competitiveness in global trade. Inconsistent policies and customs inefficiencies also create barriers to seamless trade within Africa, despite the AfCFTA’s objectives. To reach its export potential and to remain competitive in the African and international markets, Nigeria has been advised to improve its export quality standards, especially in the agricultural and processed goods sectors.
This transformation in Nigeria’s export landscape signals a pivotal moment for the country’s trade policy and economic strategy. The AfCFTA is proving to be a catalyst for stronger regional economic ties, and Nigeria’s growing exports within Africa indicate that businesses and industries are beginning to seize the opportunities created by the agreement. However, to sustain this momentum, policymakers are urged to prioritize trade-friendly reforms, infrastructure development, and export diversification.