As the African continent consolidates on the regional trade pact, African Continental Free Trade Area (AfCFTA) agreement, Nigeria has shown leadership as exports within the region rose by 23.36 per cent or N1.34 trillion to N7.10 trillion in the first nine months of this year.
Findings by New Telegraph revealed that N5.75 trillion was recorded in the corresponding period of 2023. According to the Foreign Trade in Goods Statistics (Q3’24) report by the National Bureau of Statistics (NBS), Nigeria recorded a 4.89 per cent (N116 billion) increase to N2.49 trillion in its exports to African countries between July and September this year compared to N2.37 trillion in the second quarter.
An analysis of the report shows that while Nigeria’s exports to African countries in the first nine months of 2024 stood at N7.10 trillion, its imports from within the continent amounted to N1.47 trillion.
Further analysis, however, indicates that the country’s exports to the rest of the continent are still significantly lower when compared to its exports to Europe, the United States and Asia. Specifically, the Q3’24 Foreign Trade in Goods Statistics report released by the NBS, states:
“Exports trade by region shows that Nigeria exported goods mainly to Europe with goods valued at N9,233.35 billion or 45.07 per cent of total exports, followed by exports to Asia valued at N5,184.29 billion or 25.31 per cent of total exports, while exports to America was valued at N3,378.49 billion representing 16.49 per cent of total exports.
“Exports to Africa stood at N2,486.00 billion or 12.13 per cent of the total exports; out of which, good exported to ECOWAS countries was valued at N1,540.34 billion.
Analysis of exports according to trading partners revealed that during the quarter under review, the main export destination was Spain with a value of N 2,267.83 billion or 11.07 per cent of total exports, followed by exports to the United States of America with N1,689.48 billion or 8.25 per cent of total exports,
France with N1,588.30 billion or 7.75 per cent of total export, the Netherlands with N1,434.29 billion or 7.00 per cent of total exports, and exports to Italy with goods valued at N1,377.37 billion representing 6.72 per cent of total exports. These five countries collectively accounted for 40.79 per cent of the value of total exports in Q3’24.”
A breakdown of the NBS numbers shows that “Nigeria’s exports to Africa were mainly to Ivory Coast with goods valued at N662.71 billion, South Africa with N621.68 billion, Togo with N574.93 billion, Senegal Republic with N152.54 billion, and Egypt(N146.00 billion) altogether representing 86.80% of exports to Africa.”
