Nigeria’s trade has shown a remarkable increase over the past five years, with a significant rise in both exports and imports. According to recent data, the country’s total trade for the first half of 2024 has already reached N65.03 trillion, indicating robust economic activity.

In 2020, Nigeria recorded total trade of N25.22 trillion, with exports valued at N12.52 trillion and imports slightly higher at N12.70 trillion. By 2021, trade surged to N39.75 trillion, driven by a sharp increase in exports (N18.91 trillion) and imports (N20.84 trillion).

The upward trend continued in 2022, with total trade reaching N52.39 trillion as exports hit N26.80 trillion and imports amounted to N25.59 trillion. By 2023, trade rose further to N66.83 trillion, with exports climbing to N35.96 trillion and imports at N30.86 trillion.

In the first half of 2024 alone, Nigeria recorded exports of N38.59 trillion and imports of N26.44 trillion, pushing total trade to N65.03 trillion, nearly matching the entire figure for 2023.

This steady growth in trade reflects the increasing global demand for Nigerian goods, particularly oil and gas, and the nation’s growing appetite for imported goods.