Nigeria’s total trade value rose in the fourth quarter of 2024, reaching N36.6 trillion, a 68.3 percent increase compared to the same period in 2023 according to the latest Foreign Trade in Goods Statistics from the National Bureau of Statistics (NBS).
While exports accounted for N20 trillion, a 57.7 percent year-on-year rise, they declined slightly by 2.55 percent from Q3 2024. Imports, on the other hand, climbed to N16.6 trillion, 83.2 percent up from Q4 2023 and 8.57 percent from Q3 2024, driven by heightened demand for manufactured and raw material goods.
According to the new report, these countries were Nigeria’s biggest trading partners.