Nigeria’s exports to ECOWAS countries stood at N1.18trn in Q4 2024, says NBS
The National Bureau of Statistics (NBS) has disclosed that Nigeria exports to Economic Community of West African States (ECOWAS) member states totalled N1.18 trillion while imports amounted to N77.10 billion.
According to NBS report Nigeria’s main trading export partner in Q4, 2024 was Ivory Coast with N756.37 billion worth of goods, followed by exports to Senegal Republic (N236.87 billion), Togo (N47.97 billion), Ghana (N36.26 billion), and Benin, Republic with N31.56 billion.
This, according to NBS represents 94.33 per cent of total export to ECOWAS countries.
The latest report by NBS stated that Nigeria’s major trading import partner within ECOWAS was Ivory Coast (N41.40 billion), followed by Ghana (N22.96 billion), Liberia (N4.04 billion), Niger Republic (N2.62 billion) and Togo of (N2.21 billion) representing (90.45%) of total imports from the ECOWAS region.
“Analysis by commodities showed that the main commodities exported to ECOWAS countries in Q4 2024 were Petroleum oils and oils obtained from bituminous minerals worth N911.38 billion or 77.52per cent of total exports to ECOWAS countries, Electrical energy valued at N75.66 billion or 6.44 per cent, Dredgers valued at N73.99 billion or 6.29 per cent, Cigarettes containing tobacco worth N27.24 billion or 2.32 per cent of total exports to the region and Other Liquefied petroleum gases and other gaseous hydrocarbons valued at N10.81 billion or 0.92 per cent of total exports to the region.
“The top five exported products represent 93.49 per cent of the total exports to the ECOWAS region.
“On the other hand, Nigeria’s imports from ECOWAS countries were mainly Crude palm oil valued at N10.13 billion or 22.39per cent, Petroleum bitumen valued at N14.38 billion or 17.76 per cent, Cocoa powder, containing added sugar or other sweetening matter worth N8.13 billion or 10.04 per cent, Beauty or makeup preparations valued at N4.93 billion or 6.09 per cent, and Other Liquefied petroleum gases and other gaseous hydrocarbons worth N4.01 billion or 4.95 per cent of total export from ECOWAS region,” the report disclosed.
