shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Despite AfCFTA Challenges, Nigeria’s Trade with African Countries Hits ₦2.64 Trillion in Q1 2024 

Despite AfCFTA Challenges, Nigeria’s Trade with African Countries Hits ₦2.64 Trillion in Q1 2024 

By Oluyinka Onigbinde

by Joshua
June 24, 2024
in Featured, News

Nigeria’s trade with African countries reached a significant milestone in the first quarter of 2024, hitting a total of ₦2.64 trillion. This is despite not being able to trade participate in the African Continental Free Trade Area (AfCFTA).

According to a recently-released report by the National Bureau of Statistics (NBS), the trade dynamics within the African continent and particularly within the ECOWAS region revealed robust interactions and substantial economic exchanges.

Recall that the AfCFTA has been struggling to achieve its full potentials since inception. Several African countries, including Nigeria, have yet to fully commence trading under the platform, due to various logistical, regulatory, and infrastructural challenges. However, despite these hurdles, Nigeria’s trade with other African nations continues to flourish, indicating strong bilateral ties and trade activities, outside of the AfCFTA framework.

According to the NBS, in Q1 2024, Nigeria’s imports were primarily sourced from Asia, accounting for ₦5,957.99 billion, or 47.12% of total imports. This was followed by imports from Europe at ₦4,669.86 billion (36.94%), America at ₦1,554.69 billion (12.30%), Africa at ₦401.83 billion (3.18%), and Oceania at ₦58.86 billion (0.47%). Of the total imports, those from ECOWAS countries amounted to ₦113.04 billion, representing 0.89% of the total.

But, analyzing the major import partners from Africa, South Africa topped the list with goods valued at ₦97.33 billion, followed by Ivory Coast at ₦51.41 billion, Togo at ₦40.86 billion, Egypt at ₦40.23 billion, and Morocco at ₦30.07 billion. The primary commodities imported from African countries included kerosine type jet fuel (₦31.00 billion or 7.72%), petroleum bitumen (₦30.45 billion or 7.58%), diammonium hydrogen orthophosphate (₦27.64 billion or 6.88%), other liquefied petroleum gases and gaseous hydrocarbons (₦26.61 billion or 6.62%), and polypropylene (₦18.30 billion or 4.55%).

On the export side, Nigeria’s exports accounted for 60.25% of total trade in Q1 2024. The export trade was dominated by ‘mineral products,’ valued at ₦17,510.57 billion (91.36% of total exports), followed by ‘vegetable products’ at ₦589.57 billion (3.08%) and ‘prepared foodstuffs, beverages, spirits and vinegar, tobacco’ at ₦472.82 billion (2.47%).

Exports to African countries totaled ₦2.236 trillion, with South Africa receiving ₦957.06 billion worth of goods, Ivory Coast ₦744.59 billion, Senegal ₦361.29 billion, Benin Republic ₦55.67 billion, and Togo ₦38.01 billion.

The main commodities exported to African countries included petroleum oils and oils obtained from bituminous minerals (₦2.028 trillion or 90.67%), electrical energy (₦58.65 billion or 2.62%), urea (₦30.42 billion or 1.36%), cement clinkers (₦12.04 billion or 0.54%), and flours and meals of soya beans (₦9.41 billion or 0.42%).

Within the ECOWAS region, Nigeria’s imports in Q1 2024 stood at ₦113.04 billion. The major ECOWAS import partners included Ivory Coast (₦51.41 billion), Togo (₦40.86 billion), Ghana (₦13.61 billion), Liberia (₦3.96 billion), and Benin Republic (₦1.04 billion). Key imports from ECOWAS countries were kerosine type jet fuel (₦31.00 billion or 27.43%), petroleum bitumen (₦30.45 billion or 26.94%), other liquefied petroleum gases and gaseous hydrocarbons (₦8.29 billion or 7.33%), crude palm oil (₦7.42 billion or 6.56%), and fractions of palm oil not fit for human consumption (₦5.15 billion or 4.56%).

Conversely, Nigeria’s exports to ECOWAS member states totaled ₦1.250 trillion. The leading export partners within the ECOWAS region included Ivory Coast (₦744.59 billion), Senegal (₦361.29 billion), Benin Republic (₦55.67 billion), Togo (₦38.01 billion), and Ghana (₦33.75 billion). The top exported commodities to ECOWAS countries were petroleum oils and oils obtained from bituminous minerals (₦1,074.70 billion or 85.93%), electrical energy (₦58.65 billion or 4.69%), urea (₦29.45 billion or 2.35%), flours and meals of soya beans (₦9.20 billion or 0.74%), and other products excluding white cement (₦6.66 billion or 0.53%).


Related Posts

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025
Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

July 12, 2025
NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

July 12, 2025
NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

July 12, 2025

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition