Nigeria’s exports to the Economic Community of West African States (ECOWAS) totaled N1.54 trillion in the third quarter of 2024, according to data from the National Bureau of Statistics (NBS). The exports significantly outpaced imports, which stood at only N82 billion.
Ivory Coast was Nigeria’s primary trading partner within ECOWAS, importing goods worth N662.71 billion. Togo followed closely with imports valued at N574.93 billion. Together, the two countries accounted for 97.6% of Nigeria’s total exports to the region in Q3 2024.
The bulk of Nigeria’s exports consisted of petroleum oils and oils obtained from bituminous minerals, valued at N1.29 trillion, representing 83.45% of the total exports to ECOWAS. Other notable exports included electrical energy (N59.69 billion) and liquefied petroleum gases (N35.84 billion). Nigeria also exported significant amounts of cocoa beans, with superior quality cocoa valued at N34.88 billion.
On the import side, Nigeria’s major suppliers in the ECOWAS region were Ivory Coast (N29.50 billion), Ghana (N20.84 billion), and Togo (N15.80 billion), which together accounted for 87% of Nigeria’s imports. Major imports included petroleum bitumen, aviation spirit, and cocoa powder.
This trade imbalance highlights Nigeria’s dominance in exports within the ECOWAS region, largely driven by its petroleum products, while the country’s import activities remain comparatively smaller.
