Based on the most recent data, that dollar amount reflects a 61.3% acceleration from $33.4 billion five years earlier during 2020.
Year over year, the total value of Nigerian exports dropped by -11.3% compared to $60.7 billion for 2023.
Based on our calculated exchange rate for 2024, the Nigerian naira depreciated by -58.3% against the US dollar from 2023 to 2024. Nigeria’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers using American currency.
Nigeria’s 3 biggest trading partners (Spain, France and the Netherlands) bought over one-quarter (28.4%) of total Nigerian exported products in 2024 as measured in US dollars.
Applying a continental lens, 45.5% of Nigeria’s exports by value was delivered to European countries while 26.7% was sold to importers in Asia. Nigeria shipped another 13.5% worth of goods to buyers in North America.
Smaller percentages went to Africa (10.4%), Latin America (3.7%) excluding Mexico but including the Caribbean, then Oceania’s Australia only (0.2%).
Nigeria’s Top Trading Partners
Below is a list showcasing 25 of Nigeria’s top trading partners, countries that imported the most Nigerian shipments by dollar value during 2024. Also shown is each import country’s percentage consumption of total Nigerian exports.
- Spain: US$5.6 billion (10.5% of total Nigerian exports)
- France: $4.83 billion (9%)
- Netherlands: $4.81 billion (9%)
- India: $4 billion (7.5%)
- United States: $3.9 billion (7.2%)
- Indonesia: $3 billion (5.6%)
- Canada: $2.9 billion (5.5%)
- Italy: $2.8 billion (5.2%)
- mainland China: $2.1 billion (3.9%)
- Ivory Coast: $2.04 billion (3.8%)
- South Africa: $1.97 billion (3.7%)
- United Kingdom: $1.3 billion (2.4%)
- Germany: $1.2 billion (2.2%)
- Brazil: $904.6 million (1.7%)
- Portugal: $883.3 million (1.6%)
- Malaysia: $850.7 million (1.6%)
- Peru: $767.3 million (1.4%)
- Senegal: $680.9 million (1.3%)
- South Korea: $662.5 million (1.2%)
- Togo: $592.9 million (1.1%)
- Japan: $573.4 million (1.1%)
- Sweden: $566.9 million (1.1%)
- Thailand: $529.7 million (1%)
- Türkiye: $518.5 million (1%)
- Uruguay: $505.8 million (0.9%)
A growing percentage (90.1%) of Nigerian exports in 2024 was delivered to the above 25 trading partners.
The fastest growers among Nigeria’s top trading importers increasing their consumption of Nigerian commodities from 2023 to 2024 were buyers in Togo (up 473%), Uruguay (up 68.9%), Malaysia (up 38.4%), mainland China (up 38.4%) then Peru (up 33%).
Posting the strongest declines among major Nigerian trade customers were Türkiye (down -55.9%), United Kingdom (down -45.7%), Portugal (down -44.8%), Netherlands (down -36.8%) and Indonesia (down -23.9%).
Trade Partners Causing Biggest Trade Deficits for Nigeria
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
In 2024, Nigeria incurred the highest trade deficits with the following countries.
- mainland China: -US$7.7 billion (country-specific trade deficit in 2024)
- Belgium: -$4.6 billion
- United Arab Emirates: -$1.4 billion
- Saudi Arabia: -$1 billion
- Malta: -$836.3 million
- Russia: -$693.1 million
- Norway: -$612.4 million
- Latvia: -$422.4 million
- Azerbaijan: -$334.8 million
- Ireland: -$294.3 million
Among Nigeria’s trading partners that cause the greatest negative trade balances, Nigerian deficits with Azerbaijan (up 3,641%), United Arab Emirates (up 78.3%) and Ireland (up 9.1%) grew from 2023 to 2024.
These cashflow deficiencies clearly indicate Nigeria’s competitive disadvantages with the above countries, but also represent key opportunities for Nigeria to develop country-specific strategies to strengthen its overall position in international trade.
Trade Partners Generating Greatest Trade Surpluses for Nigeria
Overall, Nigeria earned an US$11.7 billion trade surplus for 2024, soaring by 15,404% from a $75.5 million surplus one year earlier in 2023.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
In 2024, Nigeria incurred the highest trade surpluses with the following countries.
- Spain: US$4.6 billion (country-specific trade surplus in 2024)
- France: $3.7 billion
- Netherlands: $3.2 billion
- Canada: $2.72 billion
- Indonesia: $2.69 billion
- Italy: $2.1 billion
- Ivory Coast: $1.9 billion
- South Africa: $1.6 billion
- United States: $1 billion
- Portugal: $843.1 million
Among Nigeria’s trading partners that generate the greatest positive trade balances, Nigerian surpluses with Italy (up 67.3%), United States of America (up 34.3%) and France (up 15.9%) grew from 2023 to 2024.
These positive cashflow streams clearly indicate Nigeria’s competitive advantages with the above countries, but also represent key opportunities for Nigeria to develop country-specific strategies to optimize its overall position in international trade.
Nigeria’s Major Export Companies
Five Nigerian corporations rank among Forbes Global 2000 including three regional banks, an insurance conglomerate and a construction materials firm.
- Dangote Cement (construction materials)
- Equity Assurance (financial institution)
- FBN Holdings (regional bank)
- Guaranty Trust Bank (regional bank)
- Zenith Bank (regional bank)
Wikipedia also lists exporters from Nigeria. Selected examples are shown below.
- Julius Berger Nigeria (construction materials)
- Nigerian National Petroleum Corporation (oil, gas)
- Oando (oil, gas)
- ROCAD Construction Limited (oil, gas)
- Shell Nigeria (oil, gas)
See also Nigeria’s Top 10 Imports, Nigeria’s Top 10 Exports and Top African Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Africa: Nigeria. Accessed on October 7, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 7, 2025
International Trade Centre, Trade Map. Accessed on October 7, 2025
Investopedia, Net Exports Definition. Accessed on October 7, 2025
Wikipedia, Romania. Accessed on October 7, 2025
Wikipedia, List of Companies of Romania. Accessed on October 7, 2025