Nigeria’s Top Ten Foreign Trade Partners in 2023: Insights and Trends.

In 2023, Nigeria experienced a significant surge in its foreign trade, reaching a total of N71.88 Trillion, marking a notable 37.2% increase compared to the previous year’s N52.38 trillion, as reported by the National Bureau of Statistics.

Despite a modest trade surplus of N45 billion, with Imports totaling N35.917 trillion and exports amounting to N35.962 trillion, Nigeria’s trade dynamics showcased intriguing patterns across global economic regions. Asia emerged as the leading trade partner, slightly surpassing Europe in trade volume.

Nigeria’s trade relations with Asian countries peaked at N28.65 trillion in 2023, with imports valued at N19.07 trillion and exports at N9.58 trillion. Following closely, Europe maintained a robust trade value with Nigeria at N28.57 trillion, while the Americas secured the third position with a total trade value of N9.75 trillion throughout the year.

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Despite the ongoing push for increased intra-Africa trade with the establishment of the AfCFTA, Nigeria’s trade with fellow African nations remained at N4.609 trillion in 2023.

Here’s an overview of Nigeria’s top ten trade partners, showcasing both imports and exports in 2023:

1. Italy – Nigeria’s trade with Italy amounted to N2.03 trillion, comprising imports valued at N644.52 billion and exports at N1.39 trillion.
2. United Kingdom – Trade between Nigeria and the United Kingdom reached N2.097 trillion, with exports totaling N1.409 trillion and imports at N688.19 billion.
3. Canada – Nigeria exported goods worth N2.13 trillion to Canada, while imports stood at N312.58 billion, resulting in a total trade value of N2.44 trillion.
4. France – The trade volume between Nigeria and France reached N2.814 trillion, with imports valued at N464.99 billion and exports at N2.35 trillion.
5. Spain – Nigeria’s trade with Spain amounted to N3.707 trillion, with imports worth N321.88 billion and exports at N3.386 trillion.
6. United States of America (U.S.A) – The total trade volume between Nigeria and the United States stood at N4.87 trillion, with imports at N2.27 trillion and exports totaling N2.609 trillion.
7. Singapore – While Nigeria’s trade with Singapore surged in the fourth quarter of 2023, with significant imports of armoured vehicles worth N5.06 trillion, the total trade value for the year stood at N5.093 trillion.
8. India – Nigeria’s trade with India amounted to N5.88 trillion in 2023, with exports reaching N3.00 trillion and imports valued at approximately N2.887 trillion.
9. Netherlands – Emerging as Nigeria’s second-largest trade partner, the Netherlands recorded a total trade value of N6.32 trillion, with exports amounting to N4.51 trillion and imports at N1.805 trillion.
10. China – Cementing its position as Nigeria’s largest trading partner, China dominated with a total trade value of N7.49 trillion in 2023. However, Nigeria faced a substantial trade deficit of N5.709 trillion during this period, with imports at N6.60 trillion and exports totaling N891.37 billion.

These insights into Nigeria’s foreign trade partnerships in 2023 reflect both opportunities and challenges in the country’s global economic engagements.

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