Nigeria's trade surplus peaked at ₦16.8t in 2012, reaching its lowest in 2023

  • Between 2008 and 2015, Nigeria experienced consistent trade surpluses.
  • In 2023, Nigeria recorded the least trade surplus in 16 years since 2008.
  • Nigeria recorded trade deficits in three years (2016, 2020, and 2021) since 2008.
  • 2021's ₦1.9 trillion deficit marked a downturn in trade performance

The period from 2008 to 2015 saw Nigeria’s trade balance soar, with consistent surpluses indicative of a thriving export sector.

Years with trade deficits, like 2016, 2020, and 2021, suggest that Nigeria was spending more on foreign goods than it earned from exports. This could have led to a trade imbalance that negatively affected economic stability and growth.

By 2023, Nigeria’s trade balance was ₦44.8b, the lowest recorded in the period.

Source:

National Bureau of Statistics

Period:

2008 - 2023
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
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.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved