Nigeria has recorded a staggering growth in trade with other African countries, with values rising by about N610 billion in the past year — a surge that reflects stronger regional integration, improved export volumes, and the growing influence of local refining capacity. Industry data and reports indicate that this uptick has been driven not only by traditional crude oil exports, but increasingly by refined petroleum products and other manufactured goods, aided by the implementation of the African Continental Free Trade Area (AfCFTA).
According to the National Bureau of Statistics (NBS), Nigeria’s exports to Africa increased sharply to N8.74 trillion in 2024 from N3.71 trillion in 2023. This massive jump underscores a shift from earlier years, when Europe or Asia often outperformed Africa as major markets for Nigerian goods. On the imports side, goods arriving from the continent also rose, though not at the same pace, contributing to the overall trade flow growth.
A key catalyst of this surge has been the operationalization of the Dangote Refinery. As Africa’s largest refining facility, with a processing capacity of 650,000 barrels per day, the refinery has enabled Nigeria to begin supplying refined petroleum products directly to neighbouring and regional markets, including Cameroon. This has helped reduce reliance on intermediaries and raised the value of intra-African trade aggregation for Nigeria.
In monetary terms, Nigeria’s total foreign trade (exports plus imports) surged to N138 trillion in 2024, marking the highest in the country’s history. This represents over a 100 percent increase compared to 2023. The trade surplus also rose significantly, reaching N21.85 trillion as exports outpaced imports.
Countries leading as top export destinations within Africa include South Africa, Côte d’Ivoire, Senegal, Cameroon, and Togo — with the first two accounting for substantial chunks of Nigeria’s exports. Manufactured non-crude goods gained ground, though petroleum oils and bituminous mineral oils still constitute the bulk of exports to African markets.
Observers point out that while this growth is indisputably positive, sustaining it will depend on several factors: stable exchange rates, reliable infrastructure for shipping and logistics, reduced trade barriers, and consistent policy support. The AfCFTA framework has already opened up new dynamics, but its long-term impact will hinge on how efficiently goods can move across borders and whether local industries can scale.
In sum, the leap of around N610 billion in Nigeria-Africa trade reflects more than just stronger numbers — it highlights a changing trade landscape in which African markets are assuming larger roles, backed by enhanced refining, increased manufactured exports, and evolving policy environments.
