Nigeria’s total trade volume soared to an all-time high of N138 trillion in 2024, driven by exchange rate depreciation and the elimination of fuel subsidies, according to the National Bureau of Statistics (NBS). This represents a 106% increase from 2023 and, when adjusted for the exchange rate, translates to $89.9 billion, a 22.1% surge in dollar terms.
Exports surged to $50.4 billion, nearly doubling in naira terms to N60.59 trillion, with crude oil maintaining its dominance at $36 billion (71%). Non-oil exports also reached a four-year high of $5.9 billion, reflecting increased trade diversification efforts.
On the import side, total imports rose to $39 billion (N60.5 trillion), up from $34 billion in 2023, but still significantly below 2022 levels ($55.6 billion). The decline in imports over recent years is linked to naira depreciation and forex restrictions.
While the growth in trade signals a recovery from the previous year’s slump, experts warn that foreign exchange volatility, crude oil theft, and inadequate investments in the energy sector could hinder sustained progress.
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