China and India have emerged as Nigeria’s top trading partners, accounting for a total of N20.31 trillion in imports in 2024. This is based on the latest trade report from the National Bureau of Statistics (NBS).
Breakdown of Nigeria’s Major Import Sources in 2024
- China: N14.14 trillion
- India: N6.17 trillion
- USA: N4.07 trillion
- Netherlands: N2.31 trillion
- France: N1.65 trillion
- Germany: N1.26 trillion
- United Kingdom: N1.03 trillion
- Italy: N944 billion
- Canada: N315.38 billion
China’s trade with Nigeria has surged significantly, rising from N6.6 trillion in 2023 to N14.14 trillion in 2024. India, which held the second position, also saw its trade with Nigeria nearly double from N2.8 trillion in 2023.
Key Imports from China and India
- China supplies Nigeria with electronics, machinery, textiles, and industrial equipment, all of which play a crucial role in the country’s manufacturing and technology sectors.
- India is a key supplier of pharmaceuticals, industrial raw materials, and processed food products to Nigeria.
Q4 2024 Trade Analysis
In the fourth quarter of 2024, China continued to dominate Nigeria’s imports with N4.61 trillion worth of goods, accounting for 27.80% of total imports. India followed with N1.90 trillion (11.43%), while Belgium contributed N1.39 trillion (8.35%). The U.S. and France also played significant roles, supplying N1.06 trillion (6.36%) and N601.28 billion (3.62%) in imports, respectively.
Nigeria’s Shift Towards Eastern Trade Partners
Nigeria’s trade data indicates a growing shift towards Eastern economies, particularly China and India. This trend can be attributed to:
- Competitive pricing and affordability of goods.
- Availability of flexible credit facilities.
- Strengthened diplomatic and economic relations.
While the United States and European countries remain important trade partners, their share of Nigeria’s imports is gradually shrinking compared to the dominance of China and India.
Nigeria’s Future in Global Trade
In December 2024, Nigeria sought South Africa’s backing to join major international economic groups such as the G20, BRICS, and the BRICS New Development Bank (NDB). The BRICS bloc (which includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE) represents about 37% of the world’s GDP and is becoming a major force in global economic growth.
If Nigeria secures membership, it could open doors to stronger economic ties with these emerging economies, boosting trade, investment, and infrastructure development in the country.
