Africa emerges Nigeria’s largest export destination in 2024 as trade Surplus hits N21.85 trillion.

Africa emerges Nigeria’s largest export destination in 2024 as trade Surplus hits N21.85 trillion.

Nigeria has witnessed a major shift in its trade dynamics, with Africa emerging as the country’s largest export destination in 2024.

This is according to the latest trade data released by the National Bureau of Statistics (NBS), which highlights a significant trade surplus driven by robust exports to the African continent and key global markets.

The NBS data reveals that Nigeria’s total exports for the year stood at N59.44 trillion, surpassing total imports of N37.59 trillion, resulting in a trade surplus of N21.85 trillion.

This positive trade balance indicates that Nigeria continues to earn more from its exports than it spends on imports, reinforcing the country’s position as a key exporter in global trade.