Nigeria was the top intra-African trading country in West Africa in 2024, with trade volumes reaching $18.4 billion, according to a report released on Wednesday by the African Export-Import Bank.
The flagship report, titled “2025 African Trade Report,” was unveiled by the President and Chairman of the Board of Directors of Afreximbank,
Prof. Benedict O. Oramah, alongside Nigeria’s Vice President, Kashim Shettima (represented by Mr. Tope Fasua), Mr. Denys Denya, Senior Executive Vice President of Afreximbank, and other senior executives during the ongoing Afreximbank Annual Meetings.
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.”
Crude oil continued to be Nigeria’s main export to African markets in 2024, but the launch of operations at the Dangote Refinery spurred a growing shift toward refined product exports.
“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.
According to the report, this development is expected to reduce reliance on intermediaries and promote greater regional energy integration.
It also noted that intra-African trade in 2024 showed steady progress toward deeper continental integration, rebounding strongly from the contraction seen in 2023 despite ongoing global economic uncertainties.
The report attributes the upturn to stronger trade performance in major economies like Nigeria and Morocco, which helped offset weaker results from Ethiopia and Côte d’Ivoire. It also noted that South Africa retained its position as the continent’s leading intra-African trading country 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.
