Nigeria’s trade with the Economic Community of West African States countries hit N1.54tn in exports during the third quarter of 2024, according to data from the National Bureau of Statistics.
Imports, on the other hand, were significantly lower at N82bn.
The report identified Ivory Coast as Nigeria’s leading trade partner within the ECOWAS region, with goods worth N662.71bn imported. Togo followed closely, recording imports worth N574.93bn.
Together, both nations accounted for 97.60 per cent of Nigeria’s total exports to ECOWAS during the quarter.
Petroleum oils and oils derived from bituminous minerals were the most significant exports, valued at N1,285.77bn, constituting 83.45 per cent of total exports to the region.
The NBS report added, “The top five exported products represent 93.19 per cent of the total exports to the ECOWAS region.”
Other notable exports included electrical energy, worth N59.69bn (3.87 per cent), as well as liquefied petroleum gases and other gaseous hydrocarbons, valued at N35.84bn (2.33 per cent). Cocoa beans were also among the key exports, with superior quality cocoa beans valued at N34.88bn and standard quality beans at N19.73bn.
On the import side, Nigeria’s total imports from ECOWAS stood at N82.05bn. Ivory Coast emerged as the top import partner, accounting for N29.50bn, followed by Ghana (N20.84bn), Togo (N15.80bn), Niger Republic (N3.59bn), and Benin Republic (N1.61bn).
Collectively, these five countries represented 86.95 per cent of total imports from the region.
The report further showed that petroleum bitumen was the top imported commodity, valued at N19.88bn, followed by aviation spirit at N13.29bn and cocoa powder at N8.05bn.
