Trade in Services

An overview of Nigeria's service exports and imports, covering key sectors, regulations, and opportunities in the global services market

In 2024, Nigeria's international trade in services continued to show a significant structural deficit. Based on the Central Bank of Nigeria (CBN) and UNCTAD data, the total value of trade in services was approximately $22.5 billion.

The deficit remained nearly unchanged from 2023, reflecting Nigeria's continued reliance on foreign providers for high-value services such as transportation and business consulting.

Key Trade Statistics

Total GDP

$252.26B

2024

Value of Service

$22.5B

2024

Share of Services in GDP (%)

57%

2024

Value of Service Exports

$4.57 B

2024

Value of Service Imports

$17.29B

2024

Balance of Trade in Services

$13.22 B

2024

Major Service Sectors

Service

Sector

Financial Services

Banking, fintech, insurance.

ICT & Digital Services

Software, mobile apps, outsourcing, tech startups

Transportation & Logistics

Air, maritime, freight forwarding

Professional Services

Legal, accounting, consulting, education

Creative & Cultural Services

Nollywood, music, fashion

Tourism & Hospitality

Inbound/outbound travel, hotels.

Service Growth Trend

Service Growth Trend (2015-2024)

Total export

Total trade

Annual GDP

Top Service Export Destinations (2024)

South Africa $1.18B (33%)

Ivory Coast $0.85B (24%)

United States $0.64B (18%)

United Kingdom $0.48B (13%)

Ghana $0.42B (12%)

Top Service Import Sources (2024)

United States $4.01B (34%)

United Kingdom $3.15B (27%)

China $2.03B (17%)

India $1.42B (12%)

Netherlands $0.67B (6%)

Top Service Exports by Category

Transport $2.2B (48%)

Financial Services $1.14B (25%)

Other Business Services $0.68B (15%)

Telecoms $0.18B (4%)

Travel $0.3B (7%)

Other $0.06B (1%)

Top Service Imports by Category

Transportation $5.5B (49%)

Personal Travel & Education $4.7B (24%)

Business & Technical Services $4.69B (18%)

ICT & Digital Licenses $3.91B (9%)

Trade Agreements Covering Services

WTO General Agreement on Trade in Services (GATS).
ECOWAS Protocols on Services.
AfCFTA Protocol on Trade in Services.

Regulatory Framework

Central Bank of Nigeria (CBN) – financial services.
Nigerian Communications Commission (NCC) – ICT.
Nigerian Civil Aviation Authority (NCAA) – air transport.
Nigerian Tourism Development Authority (NTDA) – tourism.
Professional councils (Law, Accounting, Engineering).

Challenges & Opportunities

Challenges

Challenges: Infrastructure gaps (ICT/broadband), limited international recognition of professional certifications, and regulatory overlaps.

Opportunities

Opportunities: Africa's largest youth-driven digital market, AfCFTA services liberalisation, global demand for entertainment & creative services.

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 (2023 est.)