Nigeria’s exports to African countries rose by 30.40 per cent or N2.13 trillion to N9.14 trillion last year, compared with N7.01 trillion in 2023, findings by New Telegraph has shown.
An analysis of Foreign Trade in Goods Statistics reports, released by the National Bureau of Statistics (NBS), indicates that the value of the country’s exports within the continent generally headed north last year.
Specifically, the NBS’ data shows that Nigeria’s exports to African countries rose from N2.24 trillion in Q1’24 to N2.37 trillion and N2.49 trillion in Q2 and Q3 respectively.
Although it declined slightly by 2.81 per cent quarter-on-quarter to N2.42 trillion in Q4’24, the value of the nation’s exports within the continent surged by 91.92 per cent in the last quarter of last year, when compared with the N1.26 trillion recorded for the corresponding period of 2023.
Further analysis of the NBS reports, 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.
The Q4’24 Foreign Trade in Goods Statistics report released by the NBS, over the weekend, for instance, states: “Total exports accounted for 54.68 per cent of total trade in the fourth quarter of 2024.
Exports by section revealed that Nigeria exported mainly ‘mineral products’ valued at N17. 308 billion, or 86.48 per cent of the total export value, this was followed by exports of ‘Prepared foodstuffs; beverages, spirits and vinegar; tobacco’ worthN1,319.24 billion or 6.59 per cent of total exports and ‘Products of the chemical and allied industries’ with N530.46 billion or 2.65 per cent of the value of total exports.
“Exports trade by region shows that Nigeria exported goods mainly to Europe with goods valued at N8. 672 billion or 43.33 per cent of total exports, followed by exports to Asia valued at N5. 560 billion or 27.79 per cent of total exports, while exports to America was valued at N3.517 billion representing 17.58 per cent of total exports.
Exports to Africa stood at N2.042 billion or 10.20 per cent of the total exports; out of which, good exported to ECOWAS countries was valued at N1.175.44 billion or 57.56 per cent of the total exports to Africa.”
Furthermore, the report said: “Analysis of exports, according to trading partners, revealed that during the quarter under review, the main export destination was The Netherlands with a value of N2.089 billion or 10.44 per cent of total exports, followed by exports to France with N1.909 billion or 9.54 per cent of total exports, Spain with N1.737 billion or 8.68 per cent of total export, India with N1,596.66 billion or 7.98 per cent of total exports, and exports to Indonesia with goods valued at N1,406.77 billion representing 7.03 per cent of total exports. These five countries collectively accounted for 43.67 per cent of the value of total exports in Q4’24.”
