Foreign trade hits 5-year high: ₦64.18 trillion total value in H1 2024 with ₦9.25 trillion surplus

After three consecutive halves of negative trade surplus between H2 2020 and H1 2021, Nigeria achieved a remarkable rebound in H1 2024, with the trade surplus peaking at ₦9.25 trillion and the total trade value soaring to a record ₦64.18 trillion.

Source:

National Bureau of Statistics

Period:

2020-2024
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The United States imported over $5.7 billion in goods from Nigeria in 2024, with mineral fuels and oils accounting for 93%
Key Takeaways:
  • Mineral fuels and oils dominated the US' imports from Nigeria, totalling $5.28 billion.
  • Total US imports from Nigeria reached $5.70 billion in 2024.
  • Non-oil sectors contributed approximately $423 million to the total US imports from Nigeria.
  • US imports from Nigeria cut across 70 distinct product categories.
  • The average value across all import categories was $81.4 million.
  • The top 10 imported goods made up 99.1% of the total imported value.
Mineral fuels, oils, and distillation products accounted for 43.65% of the US' total export to Nigeria
Key Takeaways:
  • Mineral fuels and oils led the US' exports to Nigeria at $1.82B, making up over 43% of the total.
  • Vehicles and automotive parts followed at $677.65 million, with machinery and nuclear reactors contributing $487.23 million.
  • Total US exports to Nigeria reached $4.17 billion in 2024.
  • The top 10 export categories made up 90.7% of the total export value.
  • The top three US export categories to Nigeria accounted for nearly 72% of total exports.
The top 3 countries accounted for nearly half of the US' agricultural exports in 2024, valued at $83.35 billion
Key takeaways:
  • Mexico ranked as the leading destination for the US' agricultural exports in 2024, with a total value of $30.32 billion (17.2% of total agricultural exports).
  • North American neighbours, Mexico and Canada, collectively accounted for 33.3% of total US agricultural exports.
  • China was the third-largest market, importing $24.65 billion (14%) of the US' agricultural products.
  • Asian markets, including China, Japan, South Korea, Taiwan, the Philippines, and Vietnam, collectively absorbed 31.7% of the US' agricultural exports.
  • The top three markets (Mexico, Canada, and China) made up 47.3% of the US' total agricultural export value.
  • The top 10 markets accounted for 74.8% of the US' agricultural exports, totalling $131.85 billion.
Cocoa products accounted for 30% of the US' agricultural imports from Sub-Saharan Africa in 2024
Key Takeaways:
  • Cocoa products, including paste, butter, and beans dominated the US' agricultural imports from Sub-Saharan Africa in 2024, making up nearly one-third of the total.
  • Other major import categories included coffee, seafood, oilseed meals, and tree nuts, rounding out the top six.
  • The top 10 agricultural imports accounted for 74% of all the US' agricultural imports from the region.
  • Each of the top 10 products had an import value exceeding $120 million.
  • From SSA, Côte d'Ivoire and Ghana were the leading suppliers of cocoa products to the US in 2024.
  • The top three products together represented 41% of the total agricultural imports from the region.
Wheat accounted for 46.43% of the United States’ agricultural exports to Nigeria in 2024
Key Takeaways:
  • The United States exported $318.7 million worth of agricultural products to Nigeria in 2024.
  • Wheat accounted for nearly half of the US' agricultural exports to Nigeria, valued at $148 million.
  • The trade balance substantially favours the United States, with exports to Nigeria ($318.7 million) nearly double imports ($114.7 million).
  • The top three products account for 74.49% of all agricultural exports to Nigeria.
Oilseed Meal & Cake top the list of Nigeria’s agricultural exports to the United States, occupying 26% of the total exports in 2024
Key Takeaways:
  • Oilseed meal and cake constituted the United States' largest agricultural import from Nigeria, valued at $29.9 million.
  • Total US agricultural imports from Nigeria in 2024 amounted to $114.7 million.
  • Cocoa beans represented 19% ($21.8 million) of Nigeria's agricultural exports to the US.
  • Oilseed, cocoa, and tea collectively accounted for 59% of the total agricultural exports from Nigeria to the United States.
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