Nigeria’s top 10 international trading partners in 2024

Nigeria's foreign trade value rose to ₦138.03 trillion in 2024, a 106.56% increase from the previous year
The country achieved a significant trade surplus of ₦16.85 trillion, with total exports surpassing imports
Europe was Nigeria's largest regional trade partner with a value of ₦56.94 trillion, followed by Asia at ₦49.76 trillion

In 2024, Nigeria posted a significant trade surplus of ₦16.85 trillion. Total exports stood at ₦77.44 trillion, comfortably exceeding imports of ₦60.59 trillion. The country’s top ten trading partners accounted for ₦89.47 trillion in trade, representing 64.81% of Nigeria’s overall foreign trade.

Nigeria’s top 10 international trading partners in 2024 The major export products in Africa’s 10 richest countries BI Africa

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Europe leads in trade volume

Europe emerged as Nigeria’s largest regional trade partner with a value of ₦56.94 trillion, followed closely by Asia at ₦49.76 trillion. Trade with the Americas totalled ₦19.70 trillion, primarily fuelled by exports of oil and agricultural goods to the United States and Canada.

Nigeria’s top 10 trading partners in 2024

Below is a detailed breakdown of Nigeria’s ten leading trading partners, highlighting export and import figures, trade balance, and key goods traded:

Rank	Country/Region	Trade Value (₦ trn)	Exports (₦ trn)	Imports (₦ trn)	Trade Balance (₦ trn)	Key Exports	Key Imports
1	China (Asia)	17.14	2.99	14.15	-11.15	Mineral products, metals, vegetable products	Phones, air conditioners, pumps, herbicides
2	India (Asia)	11.97	6.18	5.79	-0.39	Petroleum oils, natural gas, cashew nuts	Gas oil, motorcycles, pharmaceuticals
3	Africa (All Countries)	10.89	8.74	2.16	+6.58	Cocoa beans, petroleum oils, natural rubber, cashews	Circuit breakers, maize, transformers
4	Spain (Europe)	9.60	8.13	1.47	+6.66	Crude oil, natural gas, cocoa beans, goat leather	Industrial goods
5	USA (America)	9.59	5.52	4.07	+1.45	Petroleum oils/gas, urea, refined lead, soya beans	Used vehicles, motor spirit, butanes
6	Netherlands (Europe)	9.24	6.93	2.31	+4.62	Petroleum oils, cocoa products	Medicines, gas oil
7	France (Europe)	8.61	6.96	1.66	+5.30	Petroleum oils, frozen shrimp, natural gas	Industrial machinery
8	Italy (Europe)	4.93	2.06	0.54	+1.52	Crude oil, precious metal scraps	Refined petroleum, machinery
9	Canada (America)	4.54	4.23	0.32	+3.91	Mineral fuels, oils, fertilisers	Wheat, vehicles
10	Germany (Europe)	2.95	1.68	1.26	+0.42	Petroleum oils, cocoa products	Vehicles, plastics, cereal preparations

Key drivers and developments

“Nigeria’s trade strength in 2024 reflects a dynamic export-driven economy, with key sectors such as petroleum, agriculture, and manufacturing boosting our global presence,” said an NBS official.
The African Continental Free Trade Area (AfCFTA) and the reopening of the Nigeria-Niger border significantly enhanced regional trade.
However, a trade deficit with China remains a challenge, pointing to Nigeria’s growing reliance on Asian-manufactured goods.

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Outlook for 2025

With Africa becoming a stronger trade hub and strategic investments increasing in local industries, Nigeria is expected to maintain its trade growth trajectory. Addressing import dependency and enhancing value-added exports will be key focus areas going forward.