Nigeria recorded an impressive trade surplus of ₦1.74 trillion in June 2023

In June 2023, Nigeria exported goods worth ₦3.026 trillion and imported goods worth ₦1.285 trillion, resulting in a trade surplus of ₦1.74 trillion. This came after a trade deficit of ₦653 billion in May 2023. Here is Nigeria's trade balance since July 2022.

Source:

National Bureau of Statistics

Period:

Jun 2022 - Jun 2023
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South Africa leads as Africa’s digitally delivered services exports hit $41.3 billion in 2024, less than 1 percent of the world total
  • Africa exported $41.3 billion in digital services in 2024, less than 1 percent of the world total.
  • South Africa was the continent’s top exporter with $7.05 billion.
  • Morocco ($6.74 billion) and Ghana ($5.18 billion) followed closely.
  • Egypt ($4.03 billion) and Mauritius ($3.53 billion) also ranked among the top five.
  • The top five countries together made up about two-thirds of Africa’s exports.
For every $1 Nigeria earned from exporting digital services between 2005 and 2024, it spent almost $10 on imports
  • Nigeria exported $10.81 billion in digital services between 2005 and 2024.
  • Imports during the same period reached $105.34 billion.
  • The result was a trade deficit of $94.53 billion over 20 years.
  • Exports rose from just $40 million in 2005 to $1.55 billion in 2024.
  • Imports were almost ten times larger than exports, showing a persistent imbalance.
Financial services dominated Nigeria’s $1.5bn digital services exports in 2024
  • Financial services dominate Nigeria’s digitally delivered exports, contributing $1.15bn (over 74%).
  • Telecommunications ($184m) and insurance & pension services ($147m) follow, though far smaller.
  • Computer, information, and IP services registered almost no exports, highlighting untapped digital potential.
  • Nigeria’s digital exports remain highly concentrated in finance, leaving other sub-sectors underdeveloped.
Despite Trump tariffs, US imports from Africa surged 24% to $23.4B in H1 2025
  • US imports from Africa grew 23.9% year-on-year to $23.4 billion in H1 2025.
  • South Africa drove much of the growth, with exports surging 52.2% to $9.5 billion.
  • Nigeria recorded a 12.1% decline in exports to the US, falling to $2.8 billion.
  • Algeria also posted a contraction, with exports dropping 13.5% to $1.1 billion.
  • Egypt’s exports increased 14.8%.
  • Other African countries collectively expanded exports by 23.5% to $8.6 billion.
  • Africa’s trade growth with the US continues despite tariff barriers, showing resilience.
US trade deficit with South Africa nearly doubled to $6.3 billion in H1 2025
  • US imports from Africa jumped 24% to $23.4 billion in H1 2025 despite tariffs.
  • Egypt led gains, doubling its surplus with the US to $2.73 billion.
  • Nigeria swung into a $576 million surplus, reversing last year’s deficit.
  • South Africa’s deficit with the US nearly doubled to $6.32 billion, dragging the overall balance.
US trade deficit with South Africa nearly doubled to $6.3 billion in H1 2025
  • US imports from Africa jumped 24% to $23.4 billion in H1 2025 despite tariffs.
  • Egypt led gains, doubling its surplus with the US to $2.73 billion.
  • Nigeria swung into a $576 million surplus, reversing last year’s deficit.
  • South Africa’s deficit with the US nearly doubled to $6.32 billion, dragging the overall balance.
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