Positioned strategically along the west-central coast of Africa, the Federal Republic of Nigeria exported goods valued at US$53.8 billion worldwide in 2024.

This figure represents a 61.3% surge compared to $33.4 billion in exports recorded five years earlier in 2020. However, Nigeria's total export value fell by -11.3% year over year, down from $60.7 billion in 2023.

According to currency data for 2024, the Nigerian naira experienced a steep -58.3% depreciation against the US dollar from 2023 to 2024. This significant devaluation made Nigerian goods more competitively priced for global importers paying in dollars, enhancing Nigeria's export affordability.

In 2024, Spain, France, and the Netherlands stood out as Nigeria's top three trading partners, collectively accounting for 28.4% of the nation's total export value.

Nigeria's Export Destinations by Region

Looking at the data from a continental perspective, the majority of Nigeria's exports—about 45.5%—were shipped to European markets. Asia absorbed 26.7%, while North America represented another 13.5% of total export value.

Smaller portions were sent to Africa (10.4%), Latin America (3.7%) (excluding Mexico but including the Caribbean), and Oceania (0.2%), with Australia being the primary destination within that region.

Top 25 Trading Partners for Nigeria's Exports

Below is a list of the top 25 countries that imported Nigerian goods in 2024, along with their respective shares of total exports.

1. Spain: US$5.6 billion (10.5%)

2. France: $4.83 billion (9%)

3. Netherlands: $4.81 billion (9%)

4. India: $4 billion (7.5%)

5. United States: $3.9 billion (7.2%)

6. Indonesia: $3 billion (5.6%)

7. Canada: $2.9 billion (5.5%)

8. Italy: $2.8 billion (5.2%)

9. Mainland China: $2.1 billion (3.9%)

10. Ivory Coast: $2.04 billion (3.8%)

11. South Africa: $1.97 billion (3.7%)

12. United Kingdom: $1.3 billion (2.4%)

13. Germany: $1.2 billion (2.2%)

14. Brazil: $904.6 million (1.7%)

15. Portugal: $883.3 million (1.6%)

16. Malaysia: $850.7 million (1.6%)

17. Peru: $767.3 million (1.4%)

18. Senegal: $680.9 million (1.3%)

19. South Korea: $662.5 million (1.2%)

20. Togo: $592.9 million (1.1%)

21. Japan: $573.4 million (1.1%)

22. Sweden: $566.9 million (1.1%)

23. Thailand: $529.7 million (1%)

24. Türkiye: $518.5 million (1%)

25. Uruguay: $505.8 million (0.9%)

Together, these 25 countries accounted for approximately 90.1% of Nigeria's total exports in 2024.

Fastest-Growing and Declining Buyers

Among Nigeria's leading trade partners, the most rapid growth in export demand between 2023 and 2024 came from Togo (up 473%), Uruguay (up 68.9%), Malaysia (up 38.4%), mainland China (up 38.4%), and Peru (up 33%).

Conversely, exports to Türkiye (-55.9%), the United Kingdom (-45.7%), Portugal (-44.8%), the Netherlands (-36.8%), and Indonesia (-23.9%) experienced the sharpest contractions.

Connecting with Reliable Nigerian Suppliers

Businesses seeking to enter or expand within Nigeria's export sector need to identify trustworthy suppliers to establish successful partnerships. Using Tendata's advanced platform, companies can efficiently perform keyword searches, apply HS code filters, and explore verified exporter databases to analyze trade trends and gather direct contact information—significantly accelerating market access.

Whether you're an established exporter or a newcomer exploring new trade routes, Nigeria's export data can reveal profitable opportunities across multiple sectors.

To gain deeper insights into Nigeria's export statistics or access verified importer data, reach out to Tendata today for a free online demo.