In the fourth quarter of 2024 (Q4 2024), Nigeria exported electricity worth N75.66 billion to neighboring African countries, according to the latest report from the National Bureau of Statistics (NBS).
The report, titled “Foreign Trade Statistics Report (Q4 2024),” highlighted that Nigeria supplied electricity to Togo, Benin Republic, and the Republic of Niger during the period under review.
Nigeria’s Leading Exports in Q4 2024
Beyond electricity exports, Nigeria also recorded significant trade in petroleum and bituminous minerals. The report revealed that the country exported bituminous minerals worth N1.62 trillion within the same quarter.
According to the NBS: “Analysis by commodities showed that the main commodities exported to African countries in the quarter under review were Petroleum oils and oils obtained from bituminous minerals valued at N1,628.85 billion, accounting for 79.77% of total exports to Africa; Electrical energy with N75.66 billion or 3.71%; Dredgers with N73.99 billion or 3.62%; Urea, whether or not in aqueous solution, valued at N40.34 billion or 1.98%; and Cigarettes containing tobacco at N32.50 billion or 1.59%.”
The report further indicated that these top five commodities accounted for 90.66% of Nigeria’s total exports to Africa.
Nigeria’s Export and Import Destinations
During Q4 2024, Nigeria’s total exports to Africa amounted to N2.042 trillion, while imports stood at N514.96 billion.
The country’s top export destinations within Africa included:
- South Africa – N761.95 billion
- Ivory Coast – N756.37 billion
- Senegal – N236.87 billion
- Cameroon – N54.02 billion
- Togo – N47.97 billion
These five nations collectively accounted for 90.95% of Nigeria’s exports to Africa.
On the other hand, Nigeria’s major import partners in Q4 2024 included:
- South Africa – N148.84 billion
- Egypt – N87.39 billion
- Equatorial Guinea – N43.50 billion
- Ivory Coast – N41.40 billion
- Swaziland – N40.55 billion
Breakdown of Nigeria’s Imports from Africa
Nigeria’s imports from African countries mainly comprised:
- Plasters – N35.47 billion (6.89%)
- Vehicles for goods transport – N32.89 billion (6.39%)
- Butanes – N28.42 billion (5.52%)
- Mixtures of odoriferous substances for food or drink industries – N28.41 billion (5.52%)
- Crude palm oil – N18.13 billion (3.52%)
Furthermore, Nigeria’s imports from ECOWAS countries were dominated by:
- Crude palm oil – N10.13 billion (22.39%)
- Petroleum bitumen – N14.38 billion (17.76%)
- Cocoa powder (with added sugar or sweeteners) – N8.13 billion (10.04%)
- Beauty and makeup products – N4.93 billion (6.09%)
- Liquefied petroleum gases and other gaseous hydrocarbons – N4.01 billion (4.95%)
Conclusion
Nigeria remains a significant exporter within Africa, with electricity, petroleum products, and industrial goods leading the charge. The country’s trade relations with South Africa, Ivory Coast, and Senegal continue to dominate, while imports from African nations remain essential for the local economy.