Afreximbank: Nigeria’s Trade Within Africa Hits $18.4B

Nigeria emerged as West Africa’s leading intra-African trading country in 2024, with trade volumes reaching approximately $18.4 billion, according to the newly launched 2025 African Trade Report by the African Export-Import Bank (Afreximbank).

The report was unveiled on Wednesday during the Afreximbank Annual Meetings by Prof. Benedict O. Oramah, President and Chairman of the Board of Directors of Afreximbank; Vice President of Nigeria, Kashim Shettima (represented by Mr. Tope Fasua); Mr. Denys Denya, Senior Executive Vice President of Afreximbank; and other high-level officials.

According to the report, “In West Africa, Nigeria emerged as the region’s largest intra-African trading country as trade with the rest of Africa expanded to reach approximately $18.4 billion in 2024, up from just $8.1 billion in 2023.”

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Crude oil continued to dominate Nigeria’s exports to African markets, though the operational commencement of the Dangote Refinery has created momentum for refined product exports. The refinery, with a capacity of 650,000 barrels per day, began supplying petroleum products directly to countries such as Cameroon and other regional neighbours, signalling progress toward reducing reliance on intermediaries and fostering stronger regional energy integration.

The report highlighted that intra-African trade made notable strides in 2024, reflecting improved continental integration amid a challenging global economic landscape. This rebound followed a contraction in 2023 and was driven by stronger performances in major economies like Nigeria and Morocco, which helped offset weaker trade activity in Ethiopia and Côte d’Ivoire.

Despite Nigeria’s impressive growth, South Africa retained its position as the continent’s top intra-African trading nation. The country’s robust trade within the Southern African Customs Union and the Southern African Development Community continued to be supported by strong links with countries such as Mozambique, Botswana, Zimbabwe, Namibia, and Zambia.

Overall, intra-African trade rose to $220.3 billion in 2024, up from $196.04 billion in 2023 and $208.3 billion in 2022. The top five intra-African exporters in 2024 were South Africa, Côte d’Ivoire, Egypt, Nigeria, and Zimbabwe. They were followed by Mali, Ghana, Zambia, the Democratic Republic of Congo, and Namibia.

Nigeria in Focus

In his remarks, Prof. Benedict Oramah commended the Federal Government of Nigeria for its consistent support of the Bank’s operations, particularly its responsiveness to capital calls and policy reforms that removed regulatory barriers.

“With the backing of the Nigerian Government and the collective efforts of all our stakeholders, we have positioned the Bank at the forefront of Africa’s socio-economic battle and rallied the support of political leaders and policymakers behind it,” Oramah said.

He disclosed that over the past 32 years, Afreximbank has mobilised over $250 billion across the African continent, empowering sectors traditionally overlooked by mainstream financial institutions. The bank has also provided critical financial relief during crises such as the COVID-19 pandemic, commodity price shocks, and supply chain disruptions.