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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Mining led South Africa’s 2024 exports with 18.7%, as gems and precious metals generated over $20 bn
  • Gems and precious metals were the largest single export category, contributing $20.6 billion.
  • Ores and industrial minerals followed closely with $17.2 billion, showing the country’s reliance on mining.
  • Vehicles and machinery were significant non-mineral exports, with a combined $18.3 billion.
  • Agricultural and light industry products like fruits, nuts, and beverages contributed modestly, strengthening mining and manufacturing’s position as the core export drivers.
Cocoa accounted for 4.6% of Nigeria’s 2024 exports, making it the country’s second-largest export after oil
  • Mineral fuels (including crude oil) accounted for $49.3 billion, or 86.8% of total exports in 2024.
  • Non-oil exports remained marginal, with the second-largest item, cocoa, contributing only 4.6%.
  • Fertilisers, ores, slag, ash, and oilseeds collectively made up less than 5%, indicating limited diversification.
  • All other export categories each contributed 1% or less, underscoring Nigeria’s narrow export base.
Nigeria's energy goods imports have stayed low and stable for 7 years, while exports increased from ₦37B to ₦263B
  • Nigeria’s energy goods exports rose from ₦37.3B in 2017 to ₦262.9B in 2024, before falling to ₦154.2B in H1 2025.
  • Imports remained consistently low, ranging from ₦24.2M to ₦353.1M throughout the period.
  • Export growth outpaced imports, showing a widening trade surplus in energy goods.
  • The 2024 spike in exports represents the highest export value within the nine-year window.
  • Energy imports stayed below ₦400M yearly, indicating low dependency on foreign energy goods.
For most of the period (2013-H1 2025), China's share of Nigeria's imports from Asia hovers around 50%-55%, showing dominance
  • China has dominated Nigeria’s imports from Asia, maintaining a 50–55% share for most of the period.
  • China’s share reached its highest level at 58.6% in H1 2025.
  • India's import share remained volatile, ranging between 11% and 25%.
  • Total imports from Asia surged from ₦2.6 trillion in 2013 to ₦16.4 trillion in H1 2025.
Nigeria's agricultural imports' share has been dropping, from 83.9% (2017) to a low of 42.9% (H1 2025)
  • Agricultural imports fell from 83.9% in 2017 to 42.9% in H1 2025, indicating a significant decline in import dependency.
  • Agricultural exports grew from 16.1% in 2017 to 54.0% in 2024, surpassing imports for the first time since 2017.
  • Total agricultural trade increased from ₦1.1 trillion in 2017 to ₦8.2 trillion in 2024.
  • Between 2022 and 2024, the import share dropped significantly from 75.7% to 46.0%.
Crude oil imports in Nigeria emerged in H1 2025 (the first since 2017), capturing a 10.2% share of the total crude oil trade
  • Crude oil imports into Nigeria in H1 2025 marked the first occurrence since 2017.
  • Crude oil imports accounted for 10.2% of total crude oil trade.
  • From 2017 to 2024, exports made up 100% of crude oil trade annually.
  • Total crude oil trade peaked at ₦55.3 trillion in 2024.
  • The emergence of crude oil imports can be linked to domestic refinery operations, especially the Dangote Refinery.
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