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.
Total Trade Volume in Q1 2025 stood at ₦36.02 trillion, with exports totalling ₦20.6 trillion and imports at ₦15.4 trillion, resulting in a surplus of ₦5.17 trillion.
Crude oil dominates Nigeria’s export trade, accounting for the largest share of export revenue. -
Other petroleum oil products are also a major export item, reflecting the significance of both raw and refined oil-based commodities in Nigeria’s trade portfolio. -
On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
While Nigeria exports mostly raw and oil-based products, it imports refined, processed, or industrial goods, indicating a structural trade gap and limited local industrial capacity. -
Agricultural and raw material goods feature on both sides of trade, but their value is significantly less than petroleum-related trade.
India is Nigeria’s largest export destination Nigeria exported ₦2.84 trillion worth of goods to India in Q1 2025, driven largely by crude oil.
China dominates imports into Nigeria China supplied ₦4.66 trillion worth of goods, far outpacing all other countries. Likely dominated by electronics, machinery, and manufactured goods.
The United States appears on both sides. Nigeria exports ₦1.54 trillion to the US and imports ₦1.42 trillion, showing a relatively balanced trade relationship.
European countries are major export Partners Netherlands (₦2.30T), France (₦1.44T), and Spain (₦1.44T) are prominent export destinations, indicating strong demand for Nigerian crude oil and other commodities in Europe.
UAE barely makes the import list. The UAE closes out the top import list at ₦0.61 trillion, showing relatively lower trade volume compared to others, but still significant enough to be in the top 5.
The value of agricultural goods exported in Q1 2025 rose to ₦1.70 trillion, up 64.65% year-on-year and 10.63% quarter-on-quarter, highlighting continued growth in the sector.
Standard and superior cocoa beans led the chart, contributing a combined ₦1.23 trillion, with major buyers being The Netherlands (₦344.17B) and Belgium (₦203.17B).
Cashew nuts in shell earned ₦157.63B, mostly exported to India (₦87.56B) and Vietnam (₦69.74B), while sesamum seeds brought in ₦128.18B.
Soya bean flours and ornamental flowers fetched ₦27B and ₦18B respectively, showing Nigeria's export mix is broadening.
