Nigeria: Q1 2024 exports value reached more than half of 2023’s total exports

In Q1 2024, there was a 146% increase in Nigeria's foreign trade value from ₦12.9t in Q1 2023, with exports reaching ₦19.2t, and surpassing the whole of 2020's exports (₦12.5t).

The total trade value in the quarter reached nearly half of the total trade in 2023.

Source:

National Bureau of Statistics

Period:

Q1 2020 - Q1 2024
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China dominated Nigeria’s generator market in 2024, supplying nearly 70% of imports
  • Nigeria imported $281 million worth of generator sets in 2024.
  • China remained the dominant supplier, accounting for $195 million, or nearly 70% of total imports.
  • Other top suppliers included India ($20.6M), Germany ($15.4M), and South Korea ($16.5M).
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  • The data captures a wide range of generator types — petrol, diesel, wind-powered, and rotary converters — under HS Code 8502.
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Air Peace leads Nigeria’s airline fleet with 37 aircraft, more than double any other operator
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  • Over one-third of the listed airlines (7 out of 20) operate with fleets of just 4 aircraft or fewer.
Nigeria maintained its trade surplus streak in Q1 2025, with ₦5.17 trillion
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  • Sustained trade surpluses started from Q2 2023, peaking at ₦5.2 trillion in Q1 2025.
  • Imports also rose from ₦6.3 trillion (Q2 2023) to ₦15.4 trillion (Q1 2025), but slower than exports.
  • Pre-2023 was deficit-heavy: Most quarters from 2020–2022 recorded trade deficits or very small surpluses.
  • Q1 2021 had the worst deficit: -₦1.89 trillion, driven by high imports and weak exports.
  • Naira devaluation is the turning point: Starting around Q2 2023, it inflated export values in naira terms.
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Out of 30 African countries ranked, South Africa topped logistics performance in 2023 with a score of 3.7 out of 5
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  • It beat others on customs speed, delivery time, and tracking.
  • Nigeria, Ghana, and DR Congo scored low. Goods faced more delays and hassles.
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Netherlands, US, and Germany dominated cocoa imports from 1961 to 2023
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Half of the top 12 global Google shopping searches in 2024 were for phone brands
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