Nigeria imported goods worth N512.56 billion from other African countries, while it exported far greater value of N2.486 billionData from the National Bureau of Statistics (NBS) shows that Nigerian’s primary trade partners include South Africa and EgyptTop imported products during the period include Diammonium phosphate, a key agricultural input, which accounted for N41.13 billion
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Africa faces formidable challenges in trade and imports among member countries.
Challenges such as tariffs, non-tariff restrictions, inadequate infrastructure, currency fluctuations, and Customs procedures pose significant barriers to cross-border businesses on the continent.
A report places South Africa, Egypt and Morocco as Nigeria’s top trading partners in Africa
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Africa’s import/export challenges
African leaders have taken various measures to address these challenges, such as the African Continental Free Trade Area (AfCTA), visa-free entry treaties, and initiatives to streamline trade processes.
Nigeria is a key destination for various goods and services as the continent’s most populated country.
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The country’s trade dynamics show a dual role as a significant African importer and exporter.
According to reports, in the third quarter of 2024, Nigeria imported goods worth N512.56 billion from other African countries, while it exported far greater value of N2.486 billion.
South Africa and Egypt lead the pack
Data from the National Bureau of Statistics (NBS) shows that Nigeria’s primary trade partners include South Africa, which accounts for imports worth 166.8 billion, and Egypt, which has imports worth N85.06 billion.
The report said Nigeria’s imports from Africa in the review period were led by certain commodities, catering primarily to its agriculture and infrastructure needs.
Top imported products during the period include Diammonium phosphate, a key agricultural input, which accounted for N41.13 billion or 18.02% of total imports from Africa.
Other commodities include plasters, valued at N29.54 billion, representing 5.76%, polypropylene, valued at 22.43 billion, and petroleum bitumen, valued at N19.88 billion. These products are essential for road construction and maintenance.
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Malta leads as data shows top countries Nigeria imports from in 2024
Top countries Nigeria imported from
South Africa: N166.80 billionEgypt: N85.06 billionMorocco: N51.14 billionSwaziland: N43.44 billionIvory Coast: N29.50 billion
Malta leads as data shows top countries Nigeria imports from
Henzodaily.ng earlier reported that Nigeria’s total imports from Malta climbed to N766.81 billion in the first nine months of 2024
The NBS revealed this in its latest foreign trade statistics report for 2024.
The amount shows an increase, placing Malta as one of Nigeria’s largest import partners during the period.
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Source: Henzodaily.ng