Nigeria’s Trade Surplus Hits $14.31B as Africa Becomes Top Export Market
According to the National Bureau of Statistics (NBS), Nigeria’s total exports totaled US$38.93 billion, exceeding its US$24.62 billion imports. Therefore, the trade surplus of West African countries in 2024 is US$14.31 billion. Africa leads Nigeria’s export market, with exports of US$5.72 billion, surpassing Europe and Asia for the first time. Spain was followed by $5.32 billion, while France and the Netherlands recorded $4.56 billion and $4.54 billion, respectively. Major African buyers include South Africa ($498.98 million), Ivory Coast ($495.33 million) and Senegal ($155.12 million). Petroleum products dominate exports, accounting for nearly 80% of African freight goods. This time, Nigeria’s support for the African Continental Free Trade Area (AFCFTA), and Nigeria’s impact on intra-Africa trade has continued to grow.
source: gairametrics
