Nigeria’s trade with African countries rose by N610bn to N4.82tn in H1 2025 despite currency challenges, driven by exports and growing intra-African trade

Nigeria’s trade with other African countries rose by N610 billion in the first half of 2025, according to fresh data from the National Bureau of Statistics (NBS).

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Total trade hit N4.82 trillion, up from N4.21 trillion in the same period last year, underscoring the resilience of regional trade amid currency depreciation challenges.

Trade declined slightly in the first quarter of 2025 to N1.86 trillion from N2.24 trillion in Q1 2024 but rebounded sharply in the second quarter, soaring to N2.97 trillion from N1.98 trillion a year earlier. This near N1 trillion jump in Q2 was the key driver of overall growth.

Exports accounted for most of the expansion, rising to N4.82 trillion in H1 2025 from N4.21 trillion in H1 2024. Q2 exports jumped to N2.97 trillion, up from N1.97 trillion in Q2 2024.

Imports also increased, reaching N1.82 trillion compared with N1.13 trillion a year earlier, signaling a gradual rebound in regional import activity.

Despite rising imports, Nigeria remained a net exporter to Africa, recording a trade surplus of N2.99 trillion in H1 2025, slightly below the N3.08 trillion surplus in H1 2024.

The trade balance narrowed in Q1 2025 due to a spike in imports but widened again in Q2 as exports accelerated.

While trade values in naira show strong growth, dollar-denominated figures reveal a less impressive picture.

Total trade with Africa stood at $3.13 billion in H1 2025, only a modest rise from $2.89 billion in H1 2024 and significantly below the $4.51 billion recorded in 2019.

The disparity is mainly due to the steep depreciation of the naira—from an average of N306.73/USD in 2019 to about N1,538.50/USD in 2025—which inflates naira values but reflects weaker real volumes and hard currency receipts.

While intra-African trade strengthens, Nigeria faces growing challenges in its trade relationship with the United States.

Recent data shows a 41% drop in U.S. imports of Nigerian goods between June and July 2025.

This decline coincides with increased U.S. tariffs on Nigerian exports and the impending expiration of AGOA (African Growth and Opportunity Act), which could disrupt tariff-free access for many Nigerian goods.

Despite these headwinds, Nigeria’s trade ministry remains focused on reform and diversification.

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Minister Jumoke Oduwole reaffirmed the government’s commitment to expanding market access and supporting domestic investors without resorting to retaliatory measures.

Nigeria’s Trade with Africa Grows by N610bn