China, India Emerge as Nigeria’s Largest Trading Partners

Nigeria’s trade relations have taken a significant shift, with China and India emerging as the country’s largest import partners.

According to the latest trade report from the National Bureau of Statistics (NBS), China accounts for N14.14 trillion of Nigeria’s imports in 2024, while India accounts for N6.17 trillion.

The NBS report reveals that the bulk of these imports include electronics, machinery, textiles, and industrial equipment, which play a crucial role in Nigeria’s manufacturing and technology sectors.

“The trade volume between Nigeria and China in 2024 exceeded $20 billion,” said Chinese Ambassador to Nigeria, Yu Dunhai.

Nigeria’s total imports for the year stood at N37.59 trillion, with the top sources broken down as follows: China – N14.14 trillion, India – N6.17 trillion, USA – N4.07 trillion, Netherlands – N2.31 trillion, Africa – N2.16 trillion, France – N1.65 trillion, Brazil – N1.36 trillion, Spain – N1.47 trillion, Germany – N1.26 trillion, UK – N1.03 trillion, Italy – N944.01 billion, Canada – N315.38 billion, Japan – N458.16 billion, and Oceania – N234.97 billion.

The report also indicates a significant increase in imports from China, which rose from N6.6 trillion in 2023 to N14.14 trillion in 2024. India also maintained its second spot, with imports valued at N6.17 trillion.

The NBS noted that Nigeria’s shift towards eastern trade partners, particularly China and India, could be attributed to multiple factors, including competitive pricing, availability of consumer goods, flexible credit facilities, and geopolitical considerations.

Persecondnews recalls that in February Chinese Foreign Minister Wang Yi highlighted the three key achievements in China-Nigeria bilateral relations: “a new leap in positioning the relations, a new platform created through solidarity and collaboration, and a new height in international cooperation”.

In November 2024, Nigeria’s Vice President Kashim Shettima highlighted that the trade relations with China had reached $22.6 billion in 2023, making it one of the largest trade partnerships in Africa.

China and Nigeria have a long-standing trade relationship, with China being one of Nigeria’s largest export markets globally.

China’s manufactured goods dominate the trade relationship, while Nigeria’s primary products are the main exports to China.