Top 10 Nigeria’s Trading Partners in 2024

Africa’s largest economy, heavily relies on international trade to boost its revenues, with crude oil traditionally playing a role.

However, recent years have seen a notable shift as non-crude oil exports begin to carve a significant niche in the country’s export strategy. These exports encompass agricultural products like cocoa and sesame seeds, alongside manufactured goods and solid minerals.

The year 2024 witnessed Nigerian financial institutions reporting losses due to fraud, amounting to N52.26 billion, an increase from the previous year’s N17.67 billion.

Despite this, the non-crude sector has shown robust growth, contributing impressively to the total export earnings and showcasing the potential for a diversified economic base.

Here are the top 10 countries:

Spain

Spain where Nigeria exported goods worth ₦2.27 trillion, largely driven by crude oil, yet nearly matched by non-crude exports like cocoa and sesame seeds, indicating a balanced trade relationship.

The United States

A key partner, imported Nigerian goods totaling ₦1.69 trillion, predominantly crude oil, but also a growing assortment of non-crude items such as textiles and cashew nuts, suggesting a broadening economic interaction.

France

France imported ₦1.59 trillion worth of Nigerian products, mainly crude oil. However, non-crude exports like rubber and cocoa also featured prominently, hinting at the potential for deeper economic ties.

The Netherlands 

Netherlands served as a significant gateway for Nigerian exports to other European countries, with total exports amounting to ₦1.43 trillion. This included substantial non-crude exports like cocoa beans and petroleum gases, leveraging the Netherlands’ logistical capacities.

Italy

Importing Nigerian goods valued at ₦1.38 trillion, showed a heavy dependence on Nigerian crude oil, with minimal non-crude exports, indicating areas for potential expansion in trade relations.

India 

India saw a more balanced trade with Nigeria, importing goods worth ₦1.19 trillion, focusing on both crude oil and substantial non-crude exports such as cashew nuts and sesame seeds, essential for India’s manufacturing sector.

Canada

Canada’s imports, valued at ₦979 billion, were almost entirely composed of crude oil, underlining Nigeria’s role as a crucial energy supplier, with room for diversification in other sectors.

Indonesia

Importing ₦823 billion worth of goods, mostly crude oil, also showed interest in non-crude items like rubber and cocoa beans, suggesting opportunities for broader trade relations.

The United Kingdom

With imports from Nigeria totaling ₦699 billion, it continued its long-standing trade relations, primarily in crude oil but also in non-crude sectors like cocoa and spices, which remain niche but promising.

China

Focusing entirely on non-crude exports valued at ₦684 billion, such as agricultural products and solid minerals, reflects a strategic move to secure raw materials for its expansive manufacturing sector, diversifying its energy sources away from Nigerian crude oil.