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

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Period:

2020-2024

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The U.S. consistently leads Nigeria’s imports from the Americas, accounting for 57–73% in 13 years

The U.S. consistently leads Nigeria’s imports from the Americas, accounting for 57–73% between 2013 and 2025.
Brazil ranks second, with shares ranging between 11% and 24%, highlighting its steady trade ties with Nigeria.
During the period, the combined share of the U.S. and Brazil never fell below 76%, even at its lowest point in 2022.
Total imports from the Americas surged from ₦0.9 trillion in 2013 to a peak of ₦6.3 trillion in 2024.
Canada’s import share peaked at 16.4% in 2022, showing a rare moment of diversification.

Nigeria's H1 trade: Imports from ECOWAS countries rose from 12% in H1 2021 to a peak of nearly 40% in H1 2024

Imports from ECOWAS countries peaked at 39.9% in H1 2024, up from just 12.0% in H1 2021.
The share declined to 32.4% in H1 2025, showing a reversal after the 2024 peak.
Total import values grew sharply, from ₦209.6B in H1 2020 to ₦1.8T in H1 2025.
In H1 2019, ECOWAS already had a decent share of 19.6%, showing long-standing but fluctuating trade ties.

The ECOWAS share of Nigerian exports to African countries nearly doubled, from 34.2% to 62.1%

ECOWAS’ share of Nigerian exports rose from 34.2% in H1 2019 to 62.1% in H1 2025.
The most significant share came in H1 2022, when ECOWAS accounted for 75.8% of exports.
Exports to other African countries dropped significantly in 2022, to just 24.2%.
Nigeria’s total exports to Africa grew from ₦0.9T in H1 2022 to ₦4.8T in H1 2025.
ECOWAS consistently maintained a majority share from H1 2022 onwards, with a share above 60%.

Nigeria’s exports remain oil-dominated, but non-oil exports are steadily rising—reaching up to 18% in early 2025

Oil exports continued to dominate, averaging over 88% of total exports in 2024 and remaining above 81% in the first half of 2025.
Non-oil exports rose gradually, from a low of 6.9% (February 2024) to a high of 18.1% (January 2025).
Peaks in non-oil export contributions occurred in July 2024 (16.4%) and January–April 2025 (13–18%), indicating progress toward diversification.
Total exports remained heavily oil-driven, though sustained double-digit non-oil shares in late 2024 and early 2025 show a slow shift.

After a decline from 13.1% in 2019, the non-oil export share grew by 5.6 percentage points, from 8.7% (2023) to 14.3% (2025)

Non-oil exports rose to 14.3% of total exports in 2025, up from 8.7% in 2023.
Oil exports still represent 85.7% of total exports in 2025.
The non-oil share reached 13.1% in 2019 before dipping and rebounding by 2025.
Nigeria’s total exports expanded from ₦9.6 trillion in 2015 to ₦43.3 trillion in H1 2025, showing strong value growth.
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China dominates Nigeria’s imports while Spain leads as top export destination in Q2 2025

China remains Nigeria’s largest import partner, accounting for ₦4.96T or 32.45% of total imports—more than double the U.S.'s share.
The United States holds second place in imports, contributing ₦2.16T (14.12%), while India, the Netherlands, and the UAE follow with smaller shares below 6%.
Spain tops Nigeria’s export market, receiving ₦2.47T worth of goods, representing 10.85% of total exports.
Europe features strongly among export partners, with Spain, France, and the Netherlands together absorbing nearly a quarter of Nigeria’s outbound trade.