Nigeria’s exports to countries within the Economic Community of West African States (ECOWAS) surged to N1.54 trillion in the third quarter of 2024, according to the latest report from the National Bureau of Statistics (NBS).
The data also revealed that Nigeria’s imports from ECOWAS nations during the same period were significantly lower, totaling N82.05 billion.
Top Trade Partners in ECOWAS
The report highlighted Ivory Coast as Nigeria’s leading trade partner in the region, with imports from Nigeria valued at N662.71 billion. Togo followed closely with N574.93 billion, meaning the two countries collectively accounted for 97.6% of Nigeria’s total exports to ECOWAS in Q3 2024.
Major Exported Commodities
The dominant export commodity was petroleum oils and oils derived from bituminous minerals, which were valued at N1.29 trillion. This accounted for 83.45% of Nigeria’s total exports to the ECOWAS region.
Other significant export items included:
- Electrical energy: N59.69 billion (3.87%)
- Liquefied petroleum gases (LPG) and other gaseous hydrocarbons: N35.84 billion (2.33%)
- Superior quality cocoa beans: N34.88 billion
- Standard quality cocoa beans: N19.73 billion
The NBS report noted, “The top five exported products represent 93.19 per cent of the total exports to the ECOWAS region.”
Nigeria’s Imports from ECOWAS
While exports were robust, Nigeria’s imports from ECOWAS totaled N82.05 billion in Q3 2024.
Ivory Coast was also Nigeria’s main import source, contributing N29.5 billion, followed by:
- Ghana: N20.84 billion
- Togo: N15.8 billion
- Niger Republic: N3.59 billion
- Benin Republic: N1.61 billion
These five countries accounted for 86.95% of Nigeria’s total imports from the ECOWAS region.
Key Imported Commodities
The primary imports were petroleum-related and agricultural products, with:
- Petroleum bitumen: N19.88 billion
- Aviation spirit: N13.29 billion
- Cocoa powder: N8.05 billion
Trade Balance
The figures reflect a significant trade surplus for Nigeria within the ECOWAS region, with exports outpacing imports by over N1.45 trillion. Petroleum oils and minerals remained the backbone of Nigeria’s export trade, highlighting the country’s continued reliance on energy commodities.
The report underscores Nigeria’s prominent role as a key supplier of goods to neighboring West African nations, while also signaling areas for diversification and growth within regional trade partnerships.
