Nigeria’s trade with other African countries grew sharply in 2024, reaching $18.4 billion—a significant leap from $8.1 billion in 2023. This 127% increase was revealed in the 2025 African Trade Report released by Afreximbank, highlighting Nigeria’s growing role in continental trade.
The report credits the surge to Nigeria’s active involvement in the African Continental Free Trade Area (AfCFTA), which aims to boost trade across the continent. Among West African nations, Nigeria recorded the highest volume of trade with other African countries, placing it among the continent’s top five exporters alongside South Africa, Côte d’Ivoire, Egypt, and Zimbabwe.
Crude oil remained Nigeria’s leading export, but the report pointed to rising activity in refined product exports. This shift followed the launch of the Dangote Refinery, which has started supplying petroleum products directly to countries like Cameroon. With a capacity of 650,000 barrels per day, the refinery is expected to improve energy trade and reduce reliance on middlemen.
Overall, intra-African trade across the continent rose to $220.3 billion in 2024, up from $196.04 billion in 2023. While some countries, such as Ethiopia and Côte d’Ivoire, showed weaker results, stronger performances in Nigeria and Morocco helped drive the continent’s growth.
South Africa continued to lead in intra-African trade, maintaining strong connections within regional blocs like the Southern African Customs Union and the Southern African Development Community. Its key trade partners remained Mozambique, Botswana, Zimbabwe, Namibia, and Zambia.
Despite global economic pressures, Afreximbank noted steady progress in Africa’s internal trade, suggesting the continent is moving closer to economic integration.
