Nigeria’s exports to ECOWAS countries reached N1.54 trillion in the third quarter of 2024, while imports amounted to only N82 billion, as reported by the National Bureau of Statistics.
The report indicated that Ivory Coast was Nigeria’s top trading partner in the ECOWAS region, importing goods valued at N662.71 billion.
Togo ranked second with N574.93 billion. Combined, the two countries accounted for 97.60% of Nigeria’s total exports to ECOWAS in Q3 2024.
Petroleum oils and oils obtained from bituminous minerals were Nigeria’s largest exports to ECOWAS, totaling N1,285.77 billion. This accounted for 83.45% of the country’s total exports to the region.
The NBS report stated, “The top five exported products represent 93.19 per cent of the total exports to the ECOWAS region.”
Other significant exports from Nigeria to ECOWAS included electrical energy, valued at N59.69 billion (3.87%), and liquefied petroleum gases and other gaseous hydrocarbons, totaling N35.84 billion (2.33%).
The report also noted that Nigeria exported cocoa beans, with superior quality beans valued at N34.88 billion and standard quality beans at N19.73 billion.
On the other hand, Nigeria’s imports from ECOWAS countries amounted to N82.05 billion.
The report noted, “Nigeria’s major trading import partner within ECOWAS was Ivory Coast (N29.50bn), followed by Ghana (N20.84bn), Togo (N15.80bn), Niger Republic (N3.59bn) and Benin Republic (N1.61bn), representing 86.95 per cent of total imports from the ECOWAS region.”
The analysis further showed that Nigeria’s main imports from ECOWAS countries were petroleum bitumen (N19.88 billion), aviation spirit (N13.29 billion), and cocoa powder (N8.05 billion).
