Nigeria led West Africa as the region’s largest intra-African trading country in 2024, hitting $18.4 billion in trade last year.
This is according to a report launched by the African Export-Import Bank (Afreximbank) on Wednesday.
The flagship report, titled “2025 African Trade Report,” was launched by Prof. Benedict O. Oramah, President and Chairman of the Board of Directors of Afreximbank; Vice President of the Federal Republic of Nigeria, Kashim Shettima(represented by Mr. Tope Fasua) ; Mr. Denys Denya, Senior Executive Vice President of Afreximbank; and other top executives at the ongoing Afreximbank Annual Meetings attended by Naijaonpoint.
According to the report, “In West Africa, Nigeria emerged as the region’s largest intra-African trading country as trade with the rest of Africa expanded to reach approximately US$18.4 billion in 2024, up from just US$8.1 billion in 2023.”
“The refinery, Africa’s largest with a processing capacity of 650,000 barrels per day, began supplying petroleum products directly to Cameroon and other neighbouring markets,” the report added.
This development, the report states, is expected to reduce dependency on intermediaries and foster regional energy integration.
The report states that South Africa maintained its position as the leading intra-African trading nation in 2024.
“South Africa’s intra-African trade continued to be bolstered by strong ties within the Southern African Customs Union and the Southern African Development Community. Notably, Mozambique, Botswana, Zimbabwe, Namibia, and Zambia remained among South Africa’s key trading partners,” the report added.
These five countries are followed by Mali, Ghana, Zambia, the Democratic Republic of Congo, and Namibia.
Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, in his welcome address, said the unwavering support from the Federal Government of Nigeria, evident in its unequivocal response to capital calls and the removal of regulatory hurdles, has been instrumental in the bank’s business operations in Nigeria and elsewhere in the West African sub-region.
“With the backing of the Nigerian Government and the collective efforts of all our stakeholders, we have positioned the Bank at the forefront of Africa’s socio-economic battle and rallied the support of political leaders and policymakers behind it,” he stated.
Nigeria’s total trade exports surged to $50.4 billion in 2024, driven by exchange rate depreciation and the elimination of fuel subsidies, which boosted the country’s trade balance.
Despite this, data from the Central Bank of Nigeria (CBN) shows that Nigeria recorded a current account balance of $5.14 billion in Q3 2024, according to the CBN’s Balance of Trade report.
This suggests some improvement in external accounts, even as the country continues to grapple with forex-related challenges.