Europe and Asia were Nigeria's top destinations for exports and imports, respectively, in H1 2023

Related Insights

Between 2008 and 2015, Nigeria experienced consistent trade surpluses.

In 2023, Nigeria recorded the least trade surplus in 16 years since 2008.

Nigeria recorded trade deficits in three years (2016, 2020, and 2021) since 2008.
2021's ₦1.9 trillion deficit marked a downturn in trade performance

Temu’s rapid global expansion has faced regulatory hurdles in some markets

Temu has embarked on an extraordinary global expansion, cementing its place as a leading e-commerce platform across multiple markets. From its launch in the US in 2022, Temu has quickly become one of the most downloaded shopping apps in the country.

However, Temu's rapid rise has not been without its challenges. Regulators in the EU, US, and South Korea have closely scrutinised the company, examining potential links to labour issues, data protection concerns, and intellectual property violations. Despite these hurdles, Temu has continued to forge ahead, becoming Meta's top advertiser for the year and making a splash with its second Super Bowl campaign in 2024. As Temu expands into new regions, the company must navigate an evolving regulatory landscape to maintain its momentum and solidify its position as a global e-commerce powerhouse.

Petroleum products dominate Nigerian exports, raking in ₦17.52 trillion, 85.52% of total value

Nigeria's export value increased by 16.8% quarter-on-quarter to ₦20.49 trillion in Q3 2024. Petroleum products (oils, liquefied natural gas, and other petroleum gases) made up 85.52% of its exports, valued at ₦17.53 trillion. This figure highlights Nigeria's heavy reliance on the oil and gas sector for revenue, emphasising the need for diversification to reduce dependence on a single industry.

Nigeria's exports increase by 98% YoY to ₦20.5 trillion, with four European countries contributing 33%

Nigeria's export value rose by 16.8% quarter-on-quarter and 98% year-on-year, reaching ₦20.49 trillion in Q3 2024. Spain emerged as the top trading partner, with exports valued at ₦2.27 trillion (11%), while Italy rounded out the top five with ₦1.38 trillion (6.72%).

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.

Morocco led Africa in phone exports, valued at $192 million in 2023

In 2023, Morocco led Africa’s phone export market with $192.2 million, making up 0.07% of the global total, followed by South Africa at $85.9 million, with a global share of 0.03%. Though Tunisia, Mauritius, and Kenya contributed smaller shares, Tunisia’s remarkable 5,456% growth stands out, positioning it for greater involvement in the global market. However, Mauritius and Kenya faced declines of -38% and -52%.