Nigeria's exports increase by 98% YoY to ₦20.5 trillion, with four European countries contributing 33%

Nigeria's export value rose by 16.8% quarter-on-quarter and 98% year-on-year, reaching ₦20.49 trillion in Q3 2024. Spain emerged as the top trading partner, with exports valued at ₦2.27 trillion (11%), while Italy rounded out the top five with ₦1.38 trillion (6.72%).

Source:

National Bureau of Statistics

Period:

2024
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Africa’s merchandise exports to China in 2025
  • Africa exported a record $86.2bn worth of goods to China in 2025.
  • China received about 12.5% of Africa’s total merchandise exports.
  • Annual exports remained below $10bn until 2004, before accelerating sharply.
  • Export values have remained relatively high since 2021 despite earlier downturns.
  • The trade relationship remains heavily commodity-led, with limited manufactured exports.

Africa’s export map changed, but only three economies escaped heavy reliance on one buyer
  • Only 3 of 52 African economies met the export-market diversification test in 2025.
  • Nigeria recorded the largest and most sustained shift, with its top-buyer share falling from 43.1% to 9.9%.
  • Madagascar’s top-market share dropped from 40.0% to 14.9% and has remained below 20% since 2021.
  • Libya narrowly qualified at 19.5%, after remaining above the threshold in 2024.
  • The test measures reduced dependence on one export destination, not greater product diversification.

South Africa accounted for nearly $1 in every $6 Africa earned from merchandise exports in 2025
  • Africa’s merchandise exports reached $689.2 billion in 2025.
  • Exports grew by 9.7%, the fastest rate outside Asia.
  • Africa accounted for just 2.6% of global merchandise exports.
  • South Africa led with $116.4 billion, followed by Nigeria and Egypt.
  • The top 15 economies generated 79.3% of Africa’s exports.

Nigeria's non-oil exports grew faster than oil exports in 2024 and 2025, though oil remained dominant
  • In 2025, non-oil export growth (36%) was 6x higher than oil (6%).
  • In 2024, non-oil exports grew by 189% vs oil’s 108%.
  • Total exports still heavily depend on oil.
  • Export value rose from ₦36 trillion in 2023 to ₦85.1 trillion in 2025.

Nigeria’s export mix stayed oil-heavy in 2025, with crude oil above 75% in all quarters
  • Crude oil dominated Nigeria’s exports in all quarters of 2025
  • Q1 recorded the highest oil dependency at 81.5%.
  • Non-oil exports peaked in Q2 at 24.2%, representing the strongest diversification point in 2025.
  • The oil share dropped to its lowest in Q2 (75.8%), but still remained dominant.

After three years of decline, China-Nigeria export trade hit a new peak of $24.9bn in 2025
  • Export value more than doubled from $9.72 billion in 2016 to $24.91 billion in 2025.
  • Trade rose steadily between 2016 and 2019, then surged sharply in 2021.
  • Exports declined for three consecutive years (2022–2024) after the 2021 peak.
  • 2025 marks the highest export value in the ten-year period.

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