Nigeria’s total trade exports reached $50.4 billion in 2024, marking a strong recovery for the country’s economy. This growth was largely due to the depreciation of the naira and the removal of fuel subsidies, which helped improve the trade balance.

According to the National Bureau of Statistics (NBS), Nigeria recorded N138 trillion in total trade, the highest in history. This was more than double the previous year’s figure and represented a 22.1% increase in dollar terms.

This growth comes after a sharp decline in trade in 2023, following the government’s decision to adopt a more market-driven exchange rate. However, businesses seem to have adjusted to the new reality, leading to the surge in trade in 2024.

A closer look at the numbers shows significant growth:

• Total trade volume: N138 trillion ($89.9 billion)
• Total exports: N60.59 trillion ($50.5 billion)
• Crude oil exports: N55.2 trillion ($36 billion) – 71% of total exports
• Non-oil exports: $5.9 billion – highest since 2020
• Total imports: N60.5 trillion ($39 billion)

Crude oil remained Nigeria’s top export, bringing in $36 billion in 2024. This was an increase from $31 billion in 2023, but still below $45.8 billion in 2022.

However, the oil sector still faces major challenges, including:

• Oil theft
• Limited investments
• Environmental issues
• Failure to meet the 2 million barrels per day target

Despite government efforts to boost oil production, Nigeria’s output remains at 1.5 million barrels per day.

Nigeria’s non-oil exports grew to $5.9 billion in 2024, the highest in four years. These exports include:

• Agricultural products
• Minerals

Africa remains a key destination for Nigeria’s non-oil exports.

Nigeria’s total imports increased to $39 billion in 2024, up from $34 billion in 2023. However, this is still much lower than the $55.6 billion recorded in 2022.

The drop in imports over recent years is due to:

• The weakening naira
• Limited access to foreign exchange

The increase in exports is a positive sign for Nigeria’s economy. However, these figures do not include trade in services, which make up a large portion of the country’s foreign exchange spending.

Nigeria spends heavily on imported services, including:

• Technology
• Consulting
• Technical support

These payments put pressure on the exchange rate and affect Nigeria’s current account balance.

Despite these challenges, the Central Bank of Nigeria (CBN) reported a current account surplus of $5.14 billion in Q3 2024. This suggests that Nigeria’s external finances are improving, even as the country continues to face forex difficulties.

Nigeria’s trade exports reaching $50 billion is a sign of economic resilience. While crude oil remains the dominant export, the increase in non-oil exports is also a positive development.

However, to achieve sustainable economic growth, Nigeria must diversify its exports, boost local production, and address forex challenges.