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
Top 10 Export Destinations (2024)
Spain $5.5B (16%)
France $4.7B (13%)
Netherlands $4.69B (13%)
India $3.91B (11%)
United States $3.8B (11%)
Indonesia $2.94B (8%)
Canada $2.86B (8%)
Italy $2.7B (8%)
China $2.03B (6%)
Ivory Coast $1.98B (6%)
Top 10 Export Commodities
Mineral fuels, oils, distillation products $46.4B (90%)
Cocoa and cocoa preparations $1.92B (4%)
Fertilizers $0.85B (2%)
Oil seed, oleagic fruits, grain, seed, fruits $0.68B (1%)
Ships, boats, and other floating structures $0.64B (1%)
Aluminium $0.34B (1%)
Edible fruits, nuts, peel of citrus fruit, melons $0.28B (1%)
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%)
Import profile
Import Growth Trend (2015-2024)
Total import
Total trade
Annual GDP
Top 10 Import Countries (2024)
China $9.57B (34%)
Belgium $4.73B (17%)
India $4.18B (15%)
United States $2.76B (10%)
Netherlands $1.56B (5%)
UAE $1.51B (5%)
France $1.12B (4%)
Saudi Arabia $1.01B (4%)
Spain $0.99B (3%)
Brazil $0.92B (3%)
Top 10 Import Commodities
Mineral fuels, oils, distillation products $15.57B (51%)
Machinery, nuclear reactors, boilers $4.34B (14%)
Vehicles other than railway, tramway $2.32B (8%)
Electrical, electronic equipment $2.32B (8%)
Plastics $1.82B (6%)
Cereals $1.21B (4%)
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%)
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 (2023 est.)
Total area
923,768 km²
GDP
$477.4 billion (2023 est.)