Country intelligence · NGA · 2024

Nigeria trade profile

In 2024, Nigeria recorded $56.9B in merchandise exports and $50.3B in imports, producing a $6.7B trade surplus. Exports changed -9.7% from the previous year, while imports changed -16.2%.^[1]

Exports

$56.9B

-9.7%

Imports

$50.3B

-16.2%

Trade balance

$6.7B

surplus

Active partners

270

14 FTA-linked

Historical evidence

Ten-year trade movement

The bars compare exports and imports on the same scale. The accompanying table preserves the exact values so the trend is usable without interpreting a graphic.

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

ExportsImports

Exact annual values

Year	Exports	Imports	Balance	Export growth
2024	$56.9B	$50.3B	$6.7B	-9.7%
2023	$63.0B	$60.0B	$3.1B	-5.8%
2022	$66.9B	$66.1B	$829.4M	+32.3%
2021	$50.6B	$59.6B	-$9.0B	+32.6%
2020	$38.1B	$51.7B	-$13.5B	-30.9%
2019	$55.2B	$48.8B	$6.4B	-11.0%
2018	$62.0B	$44.8B	$17.2B	+32.6%
2017	$46.8B	$37.4B	$9.3B	+31.3%
2016	$35.6B	$35.3B	$306.8M	-28.1%
2015	$49.6B	$40.4B	$9.1B	-48.1%

Leading export sectors

HS2 chapters rank broad product groups by observed export value in 2024.

HS 27 · Mineral fuels and oils

43 active HS6 lines · 81 export partners

$47.6B

HS 71 · Precious metals and stones

49 active HS6 lines · 84 export partners

$2.3B

HS 18 · HS chapter

11 active HS6 lines · 74 export partners

$2.0B

HS 31 · HS chapter

24 active HS6 lines · 34 export partners

$906.8M

HS 12 · HS chapter

46 active HS6 lines · 132 export partners

$749.6M

HS 26 · HS chapter

30 active HS6 lines · 31 export partners

$506.9M

HS 74 · HS chapter

47 active HS6 lines · 34 export partners

$365.7M

HS 76 · HS chapter

34 active HS6 lines · 51 export partners

$323.3M

Leading export markets

Destinations rank bilateral export flows from Nigeria; growth describes each corridor rather than the whole economy.

Spain

Annual change -14.6% · 3-year CAGR -4.5%

$5.1B

United States

Annual change -7.4% · 3-year CAGR 19.4%

$4.8B

France

Annual change +7.2% · 3-year CAGR 14.9%

$4.7B

India

Annual change -16.9% · 3-year CAGR -22.1%

$3.8B

Netherlands

Annual change -46.9% · 3-year CAGR 4.1%

$3.1B

Indonesia

Annual change -27.8% · 3-year CAGR 15.0%

$2.8B

China

Annual change +32.2% · 3-year CAGR 5.0%

$2.8B

Italy

Annual change +3.1% · 3-year CAGR 8.6%

$2.4B

Sources, definitions and limitations

[1] Primary trade source

OECD Bilateral International Merchandise Trade Statistics, harmonised by Yugalinks at country-year, HS2 and bilateral-corridor levels. Coverage shown here is 1995–2024 where observations are available.

Calculation notes

USD values are aggregated from reported merchandise records. YoY compares consecutive annual totals; three-year CAGR is the mart-provided compound annual growth rate. Missing values are not inferred.

Data sources Methodology Open country workspace