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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US imports of Nigerian kerosene-type jet fuel sky-rocketed by 919% year-on-year
  • Nigerian jet fuel exports to the U.S. jumped 10-fold to 2.87 million barrels in 2025.
  • Just 86,000 barrels were imported across the U.S. from Nigeria between 1993 and 2023.
  • The 2025 surge was concentrated in five months, amid East Coast refinery disruptions.
  • No Nigerian jet fuel imports were recorded through August 2026, suggesting the surge was temporary.
Nigeria bought ₦305.66 billion worth of crude oil from Libya in Q2 2026
  • Nigeria imported ₦305.69bn from Libya in Q2 2026, up from ₦2.17bn in Q1.
  • Crude oil accounted for 99.99% of Q2 imports, worth ₦305.66bn.
  • Libya’s Q2 exports to Nigeria surged from ₦7.4bn in 2025 to ₦305.69bn.
  • Libya became Nigeria’s ninth-largest import source, accounting for 2.12% of total imports in Q2.
  • Nigeria’s imports from Libya were previously dominated by much smaller values, with crude oil driving the sharp 2026 increase.
Crude oil and non-crude exports each accounted for roughly 50% of Nigeria's total export value in H1 2026
  • Nigeria’s crude and non-crude exports were nearly equal in H1 2026, at ₦24.1tn and ₦24tn, respectively.
  • Non-crude exports overtook crude in Q2 for the first time in at least six years, reaching ₦14.11tn.
  • Petroleum products and natural gas dominate non-crude exports, while non-oil exports accounted for just 13.8% of Q2 exports.
  • Nigeria’s export mix is shifting, but remains heavily dependent on hydrocarbons.
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.
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