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Nigeria’s trade balance in the first quarter fell by 21% year-on-year to $3.3 billion, data from the country’s statistics agency shows. A 7% rise in exports was overshadowed by a larger increase in imports, according to the National Bureau of Statistics figures.
Chinese imports to Nigeria from January to March were worth $3 billion — more than one and half times larger than in the same period in 2024. The increase strengthened China’s position as the top source of imports into Nigeria, growing from 23% of import share in Q1 2024 to 30% this year.
The rise comes as China seeks to strengthen trade ties with Africa by removing tariffs on exports from the continent, amid friction with the US with the likely end to the African Growth and Opportunity Act (AGOA) free trade program. That said, India and the United States retained the second and third places with increased shares of Nigeria’s total imports.
Crude oil remains Nigeria’s main export, accounting for 63% of the $13 billion earned in exports in the first quarter.
