Nigeria's Trade Profile

Nigeria's Trade Profile

Comprehensive overview of Nigeria's international trade performance, key statistics, and market trends

Nigeria, a central hub for West African trade, recorded a trade surplus of $11.39 billion in 2024, characterised by a heavy reliance on crude oil exports and a significant dependence on manufactured imports from Asia and the West. Its total external trade as a percentage of GDP increased to 49.7% in 2024 from 28.5% in 2023.

In 2024, Nigeria's total exports were valued at $52.36 billion, with Spain, France, and the Netherlands as the top trade partners. Total imports were valued at $40.97 billion, with China, Belgium and India as the top trade partners.

Key Trade Statistics

Total GDP

$252.26B

2024

Total Trade Value

$93.33B

2024

Total Exports Value

$52.36B

2024

Total Exports (% of GDP)

20.7%

2024

Total Imports Value

$40.97B

2024

Total Imports (% of GDP)

16.2%

2024

Trade Balance

$11.39B

2024

Export Profile

Export Growth Trend (2015-2024)

Total export

Total trade

Annual GDP

Source: https://tradingeconomics.com/nigeria/exports-by-country

Top 10 Export Destinations (2024)

India $6.34B (14.6%)

Spain $4.82B (11.1%)

China $2.68B (6.2%)

Netherlands $2.21B (5.1%)

South Africa $2.17B (5%)

France $2.04B (4.7%)

Germany $1.78B (4.1%)

United States $1.71B (3.9%)

Cote d'Ivoire $1.41B (3.3%)

United Kingdom $1.3B (3%)

Cameroon $1.24B (2.9%)

Turkey $1.22B (2.8%)

Portugal $1.17B (2.7%)

Italy $0.97B (2.2%)

Thailand $0.95B (2.2%)

Indonesia $0.85B (2%)

South Korea $0.76B (1.7%)

Japan $0.72B (1.7%)

Togo $0.64B (1.5%)

Poland $0.57B (1.3%)

Sweden $0.5B (1.2%)

Brazil $0.48B (1.1%)

Senegal $0.45B (1%)

Canada $0.44B (1%)

Singapore $0.43B (1%)

Source: https://tradingeconomics.com/nigeria/exports-by-country

Top 10 Export Commodities

Crude Petroleum $30.53B (70.4%)

Petroleum Gas $6.07B (14%)

Scrap Vessels $1.29B (3%)

Special Purpose Ships $0.78B (1.8%)

Refined Petroleum $0.66B (1.5%)

Cocoa Beans $0.49B (1.1%)

Other Oily Seeds $0.39B (0.9%)

Coconuts, Brazil Nuts, and Cashews $0.24B (0.5%)

Gold $0.22B (0.5%)

Planes, Helicopters, and/or Spacecraft $0.18B (0.4%)

Electricity $0.16B (0.4%)

Nitrogenous Fertilizers $0.16B (0.4%)

Slag, Ash and Residues Containing Heavy Metals, not from Ferrous Metallurgy $0.16B (0.4%)

Raw Aluminium $0.12B (0.3%)

Rolled Tobacco $0.12B (0.3%)

Tin Ores $0.09B (0.2%)

Raw Lead $0.08B (0.2%)

Scrap Copper $0.07B (0.2%)

Soybean Meal $0.07B (0.2%)

Spices $0.06B (0.1%)

Tanned Sheep Hides $0.06B (0.1%)

Cranes $0.06B (0.1%)

Wood Charcoal $0.06B (0.1%)

Niobium, Tantalum, Vanadium and Zirconium Ore $0.05B (0.1%)

Cocoa Butter $0.05B (0.1%)

Source: https://tradingeconomics.com/nigeria/exports-by-country

Contribution by sector

Oil and Gas $5.5B (16%)

Manufacturing $4.7B (13%)

Agriculture $4.69B (13%)

Services $3.91B (11%)

Solid Minerals / Others $3.8B (11%)

Source: https://tradingeconomics.com/nigeria/exports-by-country

Import Profile

Import Growth Trend (2015-2024)

Total import

Total trade

Annual GDP

Source: https://tradingeconomics.com/nigeria/imports-by-country

Top 10 Import Countries (2024)

China $18.02B (32.3%)

United States $4.73B (8.5%)

Netherlands $4.41B (7.9%)

India $4.23B (7.6%)

Belgium $2.08B (3.7%)

Germany $1.44B (2.6%)

United Kingdom $1.4B (2.5%)

Italy $1.16B (2.1%)

Russia $1.13B (2%)

United Arab Emirates $1.11B (2%)

France $0.91B (1.6%)

South Korea $0.86B (1.5%)

Turkey $0.76B (1.4%)

Malaysia $0.74B (1.3%)

Brazil $0.74B (1.3%)

Norway $0.68B (1.2%)

Denmark $0.64B (1.1%)

Lithuania $0.63B (1.1%)

Spain $0.61B (1.1%)

Singapore $0.61B (1.1%)

Canada $0.6B (1.1%)

Japan $0.58B (1%)

Saudi Arabia $0.54B (1%)

South Africa $0.53B (1%)

Indonesia $0.53B (1%)

Source: https://tradingeconomics.com/nigeria/imports-by-country

Top 10 Import Commodities

Refined Petroleum $7.75B (13.9%)

Cars $3.2B (5.7%)

Wheat $2.35B (4.2%)

Packaged Medicaments $1.41B (2.5%)

Motorcycles and cycles $0.9B (1.6%)

Vaccines, blood, antisera, toxins and cultures $0.85B (1.5%)

Non-fillet Frozen Fish $0.78B (1.4%)

Telephones $0.77B (1.4%)

Valves $0.75B (1.3%)

Concentrated Milk $0.56B (1%)

Ethylene Polymers $0.52B (0.9%)

Malt Extract $0.51B (0.9%)

Hot-Rolled Iron $0.48B (0.9%)

Other Heating Machinery $0.47B (0.8%)

Pesticides $0.47B (0.8%)

Raw Sugar $0.47B (0.8%)

Motor vehicles; parts and accessories (8701 to 8705) $0.44B (0.8%)

Propylene Polymers $0.41B (0.7%)

Electrical Transformers $0.4B (0.7%)

Polyacetals $0.39B (0.7%)

Scented Mixtures $0.38B (0.7%)

Washing and Bottling Machines $0.37B (0.7%)

Electric Generating Sets $0.37B (0.7%)

Centrifuges $0.36B (0.6%)

Insulated Wire $0.35B (0.6%)

Source: https://tradingeconomics.com/nigeria/imports-by-country

Contribution by sector

Manufacturing $18.11B (16%)

Refined Petroleum (Fuel) $15.57B (13%)

Raw Materials $4.51B (13%)

Agricultural Products $3.91B (11%)

Solid Minerals / Others $3.8B (11%)

Source: https://tradingeconomics.com/nigeria/imports-by-country

Regional & Global Trade Agreements

  • ECOWAS Trade Liberalisation Scheme (ETLS)
  • African Continental Free Trade Area (AfCFTA)
  • WTO membership commitments
  • Bilateral trade agreements (with the UK, China, etc.)

Trade Facilitation & Logistics

  • Main ports of entry (Apapa, Tin Can, Lekki, Onne, Idiroko border and Seme border)
  • Key challenges (infrastructure, clearance delays, non-tariff barriers)
  • Ongoing reforms (Nigeria Customs modernisation, National Single Window, scanner deployment)

Trade Inquiries

Federal Ministry of Industry, Trade & Investment
Block H, Old Secretariat, Area 1, Garki, Abuja, Nigeria.
+234 (0) 123-456-7890 • +234 (0) 987-654-3210
info@fmiti.gov.ng

Disclaimer: Trade data provided are for reference and should be confirmed with official sources (NBS, CBN, FMITI).

Federal Republic of Nigeria

Political system

Federal Republic

Capital

Abuja

Commercial centre

Lagos

Currency

Nigerian Naira (NGN)

Population

223 million (2024 est.)

Total area

923,768 km²

GDP

$477.4 billion (2024 est.)