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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Nigeria sold almost as much non-oil to Africa as it bought, except in energy and agriculture
  • Nigeria’s non-oil trade with Africa was nearly balanced, with an ₦88bn surplus on almost ₦2tn of trade in H1 2026.
  • Energy trade was entirely export-led, with Nigeria selling ₦156.5bn and recording no imports.
  • Solid minerals also leaned towards exports, with sales making up 66.1% of category trade.
  • Agriculture ran a large deficit, as imports accounted for 84.5% of trade and exceeded exports by ₦178bn.
  • Nigeria’s agricultural trade deficit widened sharply, from ₦59bn in Q1 to ₦119bn in Q2.
Nigeria's exports to South Africa have far exceeded imports since 2002
  • Nigeria has exported more to South Africa than it has imported every year since 2002.
  • Exports peaked at $6.29 billion in 2014, driven almost entirely by mineral fuels.
  • Imports from South Africa have remained below $1 billion annually.
  • Nigeria recorded a $1.27 billion trade surplus with South Africa in 2025.
  • Mineral fuels made up over 95% of Nigeria's exports throughout 1995-2025.
Morocco nearly matched South Africa in Africa’s vehicle import market in 2025
  • South Africa led with $8.52 billion, only $140 million ahead of Morocco.
  • Morocco’s imports have grown steadily, while South Africa’s 2025 figure was a recovery toward its 2012 peak.
  • Egypt ranked third, followed by Algeria and Nigeria.
  • The top 10 markets accounted for 67.1% of Africa’s $56.48 billion total.
  • Road vehicle imports include vehicles, parts, motorcycles, trailers, and semi-trailers.
Africa’s merchandise exports to China in 2025
  • Africa exported a record $86.2bn worth of goods to China in 2025.
  • China received about 12.5% of Africa’s total merchandise exports.
  • Annual exports remained below $10bn until 2004, before accelerating sharply.
  • Export values have remained relatively high since 2021 despite earlier downturns.
  • The trade relationship remains heavily commodity-led, with limited manufactured exports.
Africa’s export map changed, but only three economies escaped heavy reliance on one buyer
  • Only 3 of 52 African economies met the export-market diversification test in 2025.
  • Nigeria recorded the largest and most sustained shift, with its top-buyer share falling from 43.1% to 9.9%.
  • Madagascar’s top-market share dropped from 40.0% to 14.9% and has remained below 20% since 2021.
  • Libya narrowly qualified at 19.5%, after remaining above the threshold in 2024.
  • The test measures reduced dependence on one export destination, not greater product diversification.
South Africa, Egypt and Morocco accounted for nearly 40% ($313b) of Africa’s merchandise imports in 2025
  • Africa imported merchandise worth $788.9 billion in 2025, representing about 3% of global merchandise imports.
  • South Africa was Africa’s largest merchandise importer, with imports valued at $128.1 billion.
  • Egypt ranked second at $97.5 billion, followed by Morocco at $87.4 billion.
  • The three largest importers accounted for $313 billion, or 39.7% of Africa’s total merchandise imports.
  • South Africa alone accounted for about 16.2% of the continental total.
  • The five largest importers, including Algeria and Nigeria, were responsible for $404.6 billion, or 51.3% of Africa’s imports.
  • Nigeria ranked fifth, with merchandise imports valued at $41.5 billion.
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