One of the recurring debates in African trade revolves around the challenges of conducting business across the continent.
Barriers such as tariffs, non-tariff restrictions, inadequate infrastructure, currency fluctuations, and complex customs procedures create significant hurdles for businesses engaged in cross-border trade.
To address these challenges, several continent-wide measures have been implemented, including the African Continental Free Trade Area (AfCFTA), visa-free travel agreements, and initiatives to streamline trade processes. While the road to seamless trade remains bumpy, progress is being made.
Nigeria, despite being the fourth-largest economy in Africa, stands out as the continent’s most populous nation, making it a key market for goods and services. Its trade dynamics reflect its dual role as a major importer and exporter within Africa.
In the third quarter of 2024, Nigeria imported goods worth ₦512.56 billion from other African countries while exporting a far greater value of ₦2,486.00 billion.
Nigeria’s primary trade partners on the continent included South Africa, which accounted for imports valued at ₦166.80 billion, and Egypt at ₦85.06 billion.
Top 5 African countries Nigeria imported from in Q3 2024:
| Nigeria | Country | Import value |
|---|---|---|
|
1 |
South Africa |
₦166.80 billion |
|
2 |
Egypt |
₦85.06 billion |
|
3 |
Morocco |
₦51.14 billion |
|
4 |
Swaziland |
₦43.44 billion |
|
5 |
Ivory Coast |
₦29.50 billion |
Nigeria’s imports from Africa in 2024 were led by specific commodities that cater to its agricultural, industrial, and infrastructural needs.
Diammonium phosphate, a crucial agricultural input, topped the list with a value of ₦41.13 billion, accounting for 8.02% of total imports from the continent. Mixtures of odoriferous substances, essential for the food and beverage industry, followed at ₦31.41 billion (6.13%).
Other notable imports included plasters at ₦29.54 billion (5.76%), polypropylene at ₦22.43 billion (4.38%), and petroleum bitumen at ₦19.88 billion (3.88%), which is critical for road construction and maintenance.
