With its huge market, Nigeria plays a significant role in the continent’s economic landscape. African economic integration and development benefit from intra-continental trade. Nigeria’s strong engagement in intra-African trade adds to the growth of a unified future by stimulating industrialization, lowering trade barriers, strengthening regional integration, and stabilizing the economy.
Nigeria is one of the biggest marketplaces in Africa, and its impact on the region is immense. Given its abundance of resources, the nation is tasked with the responsibility of leading the way in African economic growth.
The West African giant typically promotes its market to other African countries in need of its products, particularly Sub-Saharan African countries.
According to a report by Nigeria’s National Bureau of Statistics, in Q1 2024, the top commodities Nigeria exported to other African countries were petroleum oils and bituminous mineral oils worth N2,028.20 billion (90.67% of total exports), electrical energy (N58.65 billion or 2.62%), urea (N30.42 billion or 1.36%), cement clinkers (N12.04 billion or 0.54%), and soya bean flours and meals (N9.41 billion or 0.42%).
The top five goods made up 95.61% of all exports to Africa. With that said here are the top 5 markets Nigeria exported the most products to.
Top 5 largest Nigerian export destinations in Africa
Rank
Country
Exportation value
Exportation value (%)
1.
South Africa
N957.06bn
42.79%
2.
Ivory Coast
N744.59bn
33.29%
3.
Senegal
N361.29bn
16.15%
4.
Benin
N55.67bn
2.49%
5.
Togo
N38.01bn
1.70%
Source link : https://africa.businessinsider.com/local/markets/top-5-largest-nigerian-export-destinations-in-africa/8mg3k3t
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Publish date : 2024-07-06 17:00:14
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