Nigeria’s exports to countries within the Economic Community of West African States (ECOWAS) reached N1.54 trillion in the third quarter of 2024, while imports totaled N82.05 billion, according to the National Bureau of Statistics (NBS).
The report highlights that Ivory Coast emerged as Nigeria’s top trading partner within the region, importing goods worth N662.71 billion. Togo followed closely with imports totaling N574.93 billion. Combined, the two countries accounted for 97.60% of Nigeria’s total exports to the ECOWAS region during the period.
Top Exported Commodities
The NBS data revealed that petroleum oils and oils obtained from bituminous minerals were Nigeria’s largest export to ECOWAS countries, valued at N1.29 trillion, representing 83.45% of the total exports. Other key exports included:
• Electrical energy: N59.69 billion (3.87%)
• Liquefied petroleum gases and gaseous hydrocarbons: N35.84 billion (2.33%)
• Superior quality cocoa beans: N34.88 billion
• Standard quality cocoa beans: N19.73 billion
The report indicated that the top five exported products represented 93.19% of Nigeria’s total exports to ECOWAS.
Imports from ECOWAS
On the import side, Nigeria’s total imports from ECOWAS countries were valued at N82.05 billion. Ivory Coast remained Nigeria’s leading import source, accounting for N29.50 billion of the total imports, followed by:
• Ghana: N20.84 billion
• Togo: N15.80 billion
• Niger Republic: N3.59 billion
• Benin Republic: N1.61 billion
These five countries accounted for 86.95% of Nigeria’s total imports from the ECOWAS region.
Top Imported Commodities
The primary imports during the quarter included:
• Petroleum bitumen: N19.88 billion
• Aviation spirit: N13.29 billion
• Cocoa powder: N8.05 billion
Trade Balance
Nigeria’s significant trade surplus within the ECOWAS region highlights the country’s dominant position in regional commerce, largely driven by oil exports. The value of exports (N1.54tn) far outweighed imports (N82.05bn), emphasizing Nigeria’s role as a net exporter within the bloc.
The data also underscores the continued reliance on petroleum products as the backbone of Nigeria’s exports, while commodities like cocoa and electrical energy contributed to the diversification of trade flows within the region.
