Nigeria’s Top 10 Foreign Trade Partners in 2024
Nigeria’s foreign trade soared to US$172.5 billion in 2024, an increase of 106.56% over the previous year. The country’s trade surplus is US$21.1 billion, total exports are US$96.9 billion and imports are US$75.8 billion. The top ten trading partners accounted for US$112.3 billion, accounting for 64.81% of the total transactions. Europe leads Nigeria’s main trading areas, with a value of US$71.5 billion, followed by Asia at US$62.4 billion and America at US$24.7 billion. China is Nigeria’s largest trading partner with a total trade of US$14.5 billion, but the trade deficit is US$7 billion due to higher imports. India then conducted $11 billion in trade and achieved a surplus of $3.5 billion. The next rankings for the Netherlands and France recorded surpluses of $5.8 billion and $6.7 billion. The total transaction volume in the United States was 6.9 billion CAD, while trade in Spain, Canada, Germany and the United Kingdom were listed with different surpluses. These figures highlight Nigeria’s growing global trade participation, especially in European and Asian markets.
source: gairametrics
