In a year marked by global economic uncertainties, Nigeria stood out with a remarkable achievement — a trade surplus of ₦16.85 trillion in 2024. According to the National Bureau of Statistics (NBS), the country’s total foreign trade soared to ₦138.03 trillion, more than doubling from ₦66.83 trillion in 2023. This trade surplus is a significant milestone, considering Nigeria’s history of trade deficits in past years. But what exactly drove this surplus? What sectors performed well? And which countries contributed most to Nigeria’s export growth?
Let’s explore why and how Nigeria recorded a trade surplus in 2024 — and what this means for the country’s international trade outlook.
Understanding the 2024 Trade Numbers
Nigeria’s trade profile in 2024 was dominated by strong export performance, with total exports valued at ₦77.44 trillion, outpacing imports of ₦60.59 trillion. This positive balance of trade marks a shift from earlier years when high import bills often outweighed export revenues.
The key drivers of this trade performance were increased in global demand for petroleum and gas, expansion of non-oil exports like agricultural commodities and strengthened intra-African trade, especially with ECOWAS member states.
Top Regions and Countries Boosting Nigeria’s Exports
Nigeria’s Top Trading Partners in 2024 – Country-by-Country Overview
The combined trade volume from Nigeria’s top ten trading partners stood at N89.47 trillion, representing 64.81% of the country’s total trade value of N138.03 trillion.
European nations led the way in Nigeria’s trade engagements in FY 2024, accounting for N56.94 trillion in total trade. Asia followed closely with N49.76 trillion, largely driven by major transactions with India and China. The Americas contributed N19.70 trillion, mainly through energy and agricultural exports to countries like the United States and Canada.
Here’s a country-specific breakdown of Nigeria’s top trading partners by total trade value, exports, and imports:
10. Germany (Europe) – N2.95 trillion
Total trade between Nigeria and Germany amounted to N2.95 trillion. Nigeria exported goods worth N1.68 trillion and imported products valued at N1.26 trillion, resulting in a trade surplus of N419.33 billion. Major Nigerian exports included petroleum oil and cocoa-based products, while imports from Germany comprised vehicles, plastic goods, and cereal preparations.
9. Canada (America) – N4.54 trillion
Trade relations with Canada reached N4.54 trillion. Exports stood at N4.23 trillion, while imports were N315.38 billion, giving Nigeria a surplus of N3.91 trillion. The country exported mineral fuels, oils, and fertilizers, while Canada supplied Nigeria with wheat and automobiles.
8. Italy (Europe) – N4.93 trillion
Nigeria’s trade with Italy totaled N4.93 trillion, comprising N2.06 trillion in exports and N542.92 billion in imports, which led to a surplus of N1.52 trillion. Key exports included crude oil and precious metal scraps, whereas imports mainly involved refined petroleum products and industrial equipment.
7. France (Europe) – N8.61 trillion
Trade between Nigeria and France amounted to N8.61 trillion. Nigeria exported N6.96 trillion worth of goods and imported N1.66 trillion, achieving a trade surplus of N5.30 trillion. Major exports included petroleum oils, natural gas, and frozen shrimp.
6. Netherlands (Europe) – N9.24 trillion
Total trade with the Netherlands stood at N9.24 trillion, with exports contributing N6.93 trillion and imports making up N2.31 trillion, resulting in a trade surplus of N4.62 trillion. The main export items were petroleum oils and cocoa products, while imports featured gas oil and pharmaceutical products.
5. United States of America (America) – N9.589 trillion
Nigeria’s trade volume with the U.S. hit N9.589 trillion, consisting of N5.52 trillion in exports and N4.07 trillion in imports. The trade surplus stood at N1.45 trillion. Nigeria’s major exports to the U.S. included petroleum oils, gas, urea, refined lead, flours, and soya beans. Key imports from the U.S. were used vehicles, motor spirit, butanes, and ethyl alcohol.
4. Spain (Europe) – N9.595 trillion
Nigeria’s trade with Spain amounted to N9.595 trillion. Exports stood at N8.13 trillion, while imports totaled N1.47 trillion, giving Nigeria a significant trade surplus of N6.66 trillion. Key exports included petroleum oils, crude oil, natural gas, goat leather, and cocoa beans.
3. Africa (All African Countries Combined) – N10.89 trillion
Nigeria’s overall trade with African countries reached N10.89 trillion, with exports valued at N8.74 trillion and imports at N2.16 trillion, resulting in a trade surplus of N6.58 trillion. One of the most notable developments in 2024 was the growth in intra-African trade, especially with ECOWAS countries: Ivory Coast (₦756.37 billion), Senegal (₦236.87 billion), Togo, Ghana, and Benin Republic. Exports included petroleum oils, natural rubber, cocoa beans, and cashew nuts, while imports featured maize, jet fuel, transformers, and circuit breakers. Improved trade within the continent was driven by initiatives like the reopening of the Nigeria-Niger border and the AfCFTA’s Guided Trade Initiative.
2. India (Asia) – N11.97 trillion
Trade with India reached N11.97 trillion. While exports were N6.18 trillion, imports were slightly lower at N5.79 trillion, creating a trade deficit of N390.49 billion. Nigeria shipped petroleum oils, natural gas, and cashew nuts to India, while importing items like gas oil, pharmaceuticals, and motorcycles.
1. China (Asia) – N17.14 trillion
China was Nigeria’s largest trade partner in 2024, with total trade hitting N17.14 trillion. Nigerian exports to China stood at N2.99 trillion, while imports surged to N14.15 trillion, resulting in a trade deficit of N11.15 trillion. Imports from China included mobile phones, insecticides, herbicides, air conditioners, and rotary pumps. Exports mainly comprised mineral resources, metals, and vegetable products.
What Did Nigeria Export?
1. Petroleum and Oil Products
It’s no surprise that crude petroleum and refined oil remain Nigeria’s top export items. In 2024, petroleum products accounted for the bulk of the country’s export earnings, especially to Spain, France, the Netherlands, India, and African countries.
2. Agricultural Commodities
Beyond oil, agricultural exports are steadily climbing:
- Cocoa beans and cocoa products were exported to Europe and Asia.
- Cashew nuts, natural rubber, and goat leather also featured prominently in export reports.
- Exports to the U.S. included flour and soybeans, indicating a more diversified export base.
3. Manufactured Goods and Energy
Interestingly, Nigeria also exported electrical energy, dredgers, cigarettes, and liquefied petroleum gas (LPG), especially within Africa. These non-traditional exports highlight the growing potential of Nigeria’s manufacturing and energy sectors.
Imports: Still High, But More Balanced
While exports surged in 2024, imports also saw significant growth — rising by 96% year-on-year, reaching ₦60.59 trillion. Major import categories included:
- Vehicles and machinery from Germany and China
- Pharmaceuticals and gas oil from India
- Phones, electronics, herbicides, and consumer goods from China
Interestingly, China remained Nigeria’s largest trading partner, but the trade was heavily skewed in China’s favor, with Nigeria incurring a trade deficit of ₦11.15 trillion due to heavy reliance on Chinese imports.
Why Nigeria Achieved a Trade Surplus in 2024
Several factors contributed to Nigeria’s trade surplus:
1. Strong Crude Oil Export Prices and Demand
With global oil prices stabilizing and demand picking up, Nigeria capitalized on its vast oil reserves to earn higher revenues.
2. Diversification into Non-Oil Exports
From cashew nuts to cocoa and manufactured goods, Nigeria’s broader export base reduced its reliance on oil alone.
3. Improved Trade Relations and Agreements
The AfCFTA and ECOWAS integration played a key role in strengthening regional trade. The reopening of land borders further boosted exports across West Africa.
4. Favorable Balance with Key Trading Partners
Surpluses with Spain, France, Netherlands, Canada, and African countries outweighed deficits with China and India, helping tilt the overall balance in Nigeria’s favor.
Nigeria’s trade surplus in 2024 isn’t just a statistical win, it reflects growing export potential and economic resilience. However, sustaining this momentum will require continued support for non-oil sectors, investment in manufacturing and value addition, trade policies that favor domestic production and infrastructure improvements to ease logistics and export bottlenecks. With strategic planning and sustained reforms, Nigeria can not only maintain but grow its trade surplus in the years to come — creating a more stable and prosperous economy for everyone.
