Nigeria surged to the top of West Africa’s intra-African trade rankings in 2024, posting a remarkable $18.4 billion in trade—more than doubling its 2023 figure, according to Afreximbank’s latest report. Crude oil remained the dominant export, but refined product shipments—fueled by the Dangote Refinery’s output—are gaining ground. Backed by strong government support and improved regulatory conditions, Nigeria’s trade momentum helped boost intra-African trade to $220.3 billion continent-wide. Despite foreign exchange pressures from heavy service imports, Nigeria’s total exports hit $50.4 billion, with a current account surplus of $5.14 billion recorded in Q3. As integration deepens across Africa, Nigeria’s expanding role in regional trade signals growing confidence in its economic prospects.
Nairametrics