In the second quarter of 2024, Nigeria’s trade with countries in the Economic Community of West African States (ECOWAS) surged to an impressive ₦1,833.7 billion. Exports to ECOWAS member states totaled ₦1,667.33 billion, while imports stood at ₦166.37 billion.
The analysis reveals that Ivory Coast emerged as Nigeria’s largest trading partner in the region, with exports worth ₦1,350.59 billion, followed by Togo at ₦204.12 billion, Ghana at ₦40.83 billion, Benin at ₦31.02 billion, and Niger at ₦20.46 billion. Collectively, these countries accounted for 98.78% of Nigeria’s total exports to ECOWAS.
A closer examination of the commodities shows that petroleum oils and oils derived from bituminous minerals dominated exports, amounting to ₦1,474.78 billion, or 88.45% of total exports to the region. Other significant exports included electrical energy valued at ₦63.28 billion, which represented 3.80% of total exports, and parts suitable for use in machinery at ₦25.66 billion, accounting for 1.54% of total exports. Together, the top five exported products represented 95.80% of Nigeria’s total exports to ECOWAS.
On the import side, Togo was the leading source of goods, with imports totaling ₦75.73 billion, followed by Ivory Coast at ₦63.43 billion. Ghana, Niger, and Senegal contributed ₦20.79 billion, ₦3.21 billion, and ₦1.07 billion, respectively, making up 98.72% of Nigeria’s total imports from the ECOWAS region.
The main imports included gas oil, valued at ₦73.48 billion, or 44.17% of total imports, followed by petroleum bitumen at ₦44.19 billion and kerosene-type jet fuel at ₦10.65 billion. Other notable imports were liquefied petroleum gases at ₦9.64 billion and cocoa powder containing added sugar at ₦4.62 billion.
