In 2024, Nigeria recorded N138 trillion in foreign trade volume, a remarkable 106% increase when compared to the N66 trillion recorded in 2023.

This surge is largely attributed to the rise of cross-border payment companies like Bluebulb, which have strengthened connections with international payment processes, compliance and fintech solutions. These efforts are empowering businesses to seamlessly transact with global partners. How Cross-Border Payment Solutions Are Bridging the Gap Between Africa and the Global Market

The sharp rise in foreign trade volume in 2024 seems to be just the beginning of surplus international trade volume, as experts have made a $75 billion projection in trade volume for the African foreign exchange market

Nigeria’s top ten trading partners accounted for ₦89.47 trillion in trade in 2024, representing 64.81% of the country’s total trade volume of ₦138.03 trillion.

Europe emerged as Nigeria’s leading trading region, recording a trade value of ₦56.94 trillion. Asia followed closely with ₦49.76 trillion, driven by strong trade ties with major economies like India and China. Meanwhile, trade with the Americas totalled ₦19.70 trillion, largely supported by exports of crude oil and agricultural products to the United States and Canada.

Below is a breakdown of Nigeria’s top ten trade partners in terms of imports and exports in 2024

10. Germany (Europe) – ₦2.95 trillion
Nigeria’s total trade with Germany stood at ₦2.95 trillion, comprising ₦1.68 trillion in exports and ₦1.26 trillion in imports, resulting in a trade surplus of ₦419.33 billion. Major exports included petroleum oils and cocoa products, while imports were dominated by vehicles, plastic goods, and cereal preparations.

9. Canada (America) – ₦4.54 trillion
Bilateral trade with Canada reached ₦4.54 trillion. Exports accounted for ₦4.23 trillion, and imports totalled ₦315.38 billion, yielding a significant trade surplus of ₦3.91 trillion. Nigeria primarily exported mineral fuels, oils, and fertilizers, while key imports included wheat and automobiles.

8. Italy (Europe) – ₦4.93 trillion
Nigeria’s trade volume with Italy hit ₦4.93 trillion, with exports at ₦2.06 trillion and imports at ₦542.92 billion, resulting in a trade surplus of ₦1.52 trillion. Crude oil and metal scraps dominated exports, while refined petroleum and industrial machinery made up most of the imports.

7. France (Europe) – ₦8.61 trillion
Total trade with France was valued at ₦8.61 trillion. Nigeria exported goods worth ₦6.96 trillion and imported ₦1.66 trillion, resulting in a surplus of ₦5.30 trillion. Top exports included petroleum oils, natural gas, and frozen shrimp.

6. Netherlands (Europe) – ₦9.24 trillion
Trade with the Netherlands reached ₦9.24 trillion, with exports totalling ₦6.93 trillion and imports amounting to ₦2.31 trillion. The trade surplus stood at ₦4.62 trillion. Key exports were petroleum oils and cocoa products, while imports consisted of gas oil and pharmaceutical products.

5. United States of America (America) – ₦9.59 trillion
Bilateral trade with the U.S. totalled ₦9.59 trillion. Nigeria exported goods worth ₦5.52 trillion and imported goods valued at ₦4.07 trillion, leading to a trade surplus of ₦1.45 trillion. Exports included petroleum oils, petroleum gas, urea, refined lead, flour, and soybeans. Imports featured butane, used vehicles, motor spirits, and ethyl alcohol.

4. Spain (Europe) – ₦9.60 trillion
Nigeria’s total trade with Spain was ₦9.60 trillion. Exports stood at ₦8.13 trillion and imports at ₦1.47 trillion, resulting in a trade surplus of ₦6.66 trillion. Exported items included crude oil, natural gas, cocoa beans, goat leather, and petroleum oils.

3. Africa (All African countries combined) – ₦10.89 trillion
Nigeria’s trade with the rest of Africa amounted to ₦10.89 trillion. Exports contributed ₦8.74 trillion, while imports totalled ₦2.16 trillion, producing a trade surplus of ₦6.58 trillion. Exports included petroleum oils, cocoa beans, cashew nuts, and natural rubber. Imports featured jet fuel, maize, circuit breakers, and transformers. The AfCFTA’s Guided Trade Initiative and the reopening of the Nigeria-Niger border played key roles in this growth.

2. India (Asia) – ₦11.97 trillion
Trade with India stood at ₦11.97 trillion. Nigeria exported goods worth ₦6.18 trillion and imported goods valued at ₦5.79 trillion, resulting in a trade surplus of ₦390.49 billion. Major exports included petroleum oils, natural gas, and cashew nuts, while imports featured gas oil, motorcycles, and pharmaceuticals.

1. China (Asia) – ₦17.14 trillion
China emerged as Nigeria’s top trading partner, with a total trade value of ₦17.14 trillion. Exports were significantly lower at ₦2.99 trillion compared to imports worth ₦14.15 trillion, leading to a trade deficit of ₦11.15 trillion. Nigeria’s main exports to China were mineral products, metals, and vegetable items, while imports included herbicides, phones, air conditioners, insecticides, and rotary pumps.

Are you currently engaged in international trade or planning to venture into the import/export business? Now you know where the most active trade hubs are. For smooth and secure cross-border payments to any of these countries, get in touch with Bluebulb today.