Nigeria's foreign trade value witnessed a remarkable surge in 2024, reaching ₦138.03 trillion, a 106.56% increase compared to ₦66.83 trillion in 2023, according to the National Bureau of Statistics (NBS). This significant growth was underpinned by a robust export performance and favorable trade balances with several global partners.

The country achieved a substantial trade surplus of ₦16.85 trillion, with total exports standing at ₦77.44 trillion, comfortably exceeding imports of ₦60.59 trillion. The top 10 trading partners accounted for ₦89.47 trillion in trade, representing 64.81% of Nigeria's overall foreign trade.

Europe emerged as Nigeria's largest regional trade partner, with a value of ₦56.94 trillion, followed closely by Asia at ₦49.76 trillion. Trade with the Americas totaled ₦19.70 trillion, primarily fueled by exports of oil and agricultural goods to the United States and Canada.

A detailed breakdown of Nigeria's top 10 trading partners reveals that China, India, and Africa (all countries) occupied the top three spots, with trade values of ₦17.14 trillion, ₦11.97 trillion, and ₦10.89 trillion, respectively. Other key trading partners included Spain, the USA, Netherlands, France, Italy, and Canada.

The key drivers of Nigeria's trade strength in 2024 were the African Continental Free Trade Area (AfCFTA) and the reopening of the Nigeria-Niger border, which significantly enhanced regional trade. However, a trade deficit with China remains a challenge, pointing to Nigeria's growing reliance on Asian-manufactured goods.

Looking ahead to 2025, Nigeria is expected to maintain its trade growth trajectory, with Africa becoming a stronger trade hub and strategic investments increasing in local industries. Addressing import dependency and enhancing value-added exports will be key focus areas going forward.

An NBS official noted that Nigeria's trade strength in 2024 reflects a dynamic export-driven economy, with key sectors such as petroleum, agriculture, and manufacturing boosting the country's global presence.

As Nigeria continues to navigate the complexities of global trade, it is essential to monitor the country's trade performance and identify opportunities for growth and improvement. With a strong foundation in place, Nigeria is poised to further solidify its position as a significant player in international trade.