Full List of Nigeria’s Largest Trading Partners in 2024, China, India Lead
- According to data from the National Bureau of Statistics, about five countries emerged as Nigeria’s largest trade partners in Q4 2024
- The countries include China, India, Belgium, the United States and France, with China and India dominating trade in the review period
- Analysis shows that Nigeria’s imports from some of those countries included electronics, machinery, equipment and pharmaceutical products
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Some of Nigeria’s largest trading partners in the last quarter of 2024 came from Asia.
China and India emerged as Nigeria’s largest import sources in the fourth quarter of 2024.
Source: Getty Images
China, India are Nigeria’s biggest import partners
The latest trade report from the National Bureau of Statistics (NBS) shows that China remains Nigeria’s top import partner, followed by India.
The NBS report showed that these imports included electronics, machinery, textiles, and industrial equipment, essential to Nigeria’s manufacturing and technology sectors.
Nigeria’s imports from India mostly comprised pharmaceuticals, industrial raw materials, and processed food products.
Nigeria’s imports from China hit N4.61 trillion, representing 27.80% of total imports, while that of India stood at N1.90 trillion, representing 11.43% of total imports in the review period.
Nigeria’s top imports also from Belgium
Another country is Belgium, where NBS said Nigeria imported N1.39 trillion worth of products, representing 8.35%.
N1.38 Trillion (USD 3.14 billion) in imports:
In Q4 2024, Belgium supplied goods worth N1.38 trillion to Nigeria, representing a significant portion of Nigeria's total imports.
Major Imports:
Some main products Nigeria imports from Belgium include mineral fuels, machinery, and transport equipment.
Top imports:
- The top imports from Belgium include:
- Mineral fuels, mineral oils, and products
- Pharmaceutical products
- Machinery, mechanical appliances, & parts
US and France round off the list
The United States of America came fourth as Nigeria’s largest trade partner in the fourth quarter of last year.
The total trade volume between the US and Nigeria represented 6.36% valued at N1.06 trillion.
According to the NBS data, Nigeria’s trade with France hit N601.28 billion, representing 3.62% in the period under review.
France was a key export market for Nigeria, particularly for crude oil, which accounted for a significant portion of Nigerian exports to France.
74 Chinese companies to set up in Nigeria
The development comes as over 70 Chinese firms have shown interest in investing in Nigeria’s oil and gas industry.
The companies are part of the 216 firms from the Asian country interested in investing in various sectors of Nigeria’s economy.
About 216 Chinese firms to invest in Nigeria
The disclosure was by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, March 10, 2025.
The House Committee Chairman on Nigeria-China Relationship, Jaafaru Yakubu, revealed this during a meeting with the NUPRC chief executive, Gbenga Komolafe.
He disclosed that the committee members were at the NUPRC to explain the commission’s management of ongoing efforts by the Nigerian government to boost trade balance between Nigeria and China.
The committee chair disclosed that due to the recent Nigeria-China Relationship Agreement, about 216 Chinese firms showed interest in investing in Nigeria, out of which 74 opted for the oil and gas sector.
According to the statement, the 74 companies focused specifically on the oil and gas industry, showing a significant boost for the industry.
Nigeria signs deal with China to boost investment
Punch reports that the statement says one of the important initiatives driving the engagement is the upcoming Nigeria-China Summit, where key stakeholders will explore investment opportunities.
Source: Twitter
NUPRC boss Komolafe reaffirmed the commission’s commitment to boosting an investor-friendly atmosphere.
Mixed fortunes for Nigeria as oil prices fall
Legit.ng earlier reported that Nigeria’s Bonny Light crude dropped by 10.6% to $73.53 per barrel from $84.02 in January, sending fears over the performance of the Nigerian government’s 2025 budget and revenue target.
The 2025 budget benchmarked oil prices at $75 per barrel, oil production at 2.06 million barrels per day, and a revenue projection of N36.35 trillion, of which 56% was projected to come from oil sales.
Experts say the decline in oil prices represents a 6.6% potential dip in Nigeria’s oil revenue target, worsened by declining oil output below 2.06mbpd.
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Source: Legit.ng
Pascal Oparada (Business editor) For over a decade, Pascal Oparada has reported on tech, energy, stocks, investment, and the economy. He has worked in many media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng
Kola Muhammed (Copyeditor) Kola Muhammed is an experienced content strategist who has overseen content and public relations strategies for some of the biggest (media) brands in Sub-Saharan Africa.
