Nigeria’s Exports to ECOWAS Hit N1.54 Trillion in 2024

Nigeria’s exports to countries in the Economic Community of West African States (ECOWAS) reached a staggering N1.54 trillion in the third quarter of 2024, according to a report from the National Bureau of Statistics (NBS).

The report highlights Cote d’Ivoire as Nigeria’s leading trading partner in the sub-region, importing goods worth N662.71 billion. Togo followed closely with N574.93 billion in imports, and together, these two nations accounted for 97.60% of Nigeria’s total exports to ECOWAS during this period.

Major Exports

Petroleum oils and oils derived from bituminous minerals dominated Nigeria’s exports, valued at N1,285.77 billion, representing 83.45% of the total exports to ECOWAS. Other significant exports included:

Electric power: N59.69 billion (3.87%)

Liquefied petroleum gases and other gaseous hydrocarbons: N35.84 billion (2.33%)

Cocoa beans: Premium quality valued at N34.88 billion and standard quality at N19.73 billion

According to the NBS, the top five exported products accounted for 93.19% of Nigeria’s total exports to the ECOWAS region.

Imports from ECOWAS

Nigeria imported goods worth N82.05 billion from ECOWAS countries in Q3 2024, a significant contrast to its export figures, reflecting Nigeria’s dominant role as a major exporter within the sub-region.

The report underscores Nigeria’s pivotal role in regional trade, driven primarily by its petroleum exports and other key products.

 

 

 

 

 

 

 

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