Nigeria’s African trade ticks up nearly 41%
By Jeph Ajobaju, Chief Copy Editor
Nigeria’s trade with continental Africa grew 40.8 per cent year-on-year (YoY) from N1.306 trillion in the first half of 2022 (H1 2022) to N1.839 trillion in H1 2023), according to the latest data released by the National Bureau of Statistics (NBS).
NBS figures show Nigeria’s intra-African trade amounted to N1.47 trillion out of total foreign trade of N21.79 trillion in H1 2021; and N1.67 trillion out of N14.55 trillion total foreign trade in H1 2020.
The N1.839 trillion intra-African trade was 7.42 per cent of total foreign trade of N24.789 trillion in H1 2023, building on the following trends:
- H2 2022 – N2.095 trillion (8.98 per cent) of total N23.32 trillion foreign trade.
- H1 2022 – N1.306 trillion (5.05 per cent) of total N25.843 trillion foreign trade.
- H1 2021 – N1.47 trillion (6.75 per cent) of total N21.79 trillion foreign trade.
- H1 2021 – N1.67 trillion (11.48 per cent) of N14.55 trillion total foreign trade.
- H2 2022 – N2.095 trillion (8.98 per cent) of total N23.32 trillion foreign trade.
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Yearly decline in Nigeria’s intra-African trade
Nigeria’s intra-African trade YoY has been on a steady decline since 2021 when AfCFTA kicked off, per reporting by Vanguard.
It was 11.03 per cent in 2020, 7.46 per cent in 2021, and 6.5 per cent in 2022.
Nigeria is not part of African countries that have commenced trading under the Guided Trade Initiative (GTI) of AfCFTA.
“Nigeria was not in the first batch of countries to trade under GTI because the minimum requirements for doing so had not been satisfied when it kicked off,” explained Odiri Erewa-Meggison, Manufacturers Association of Nigeria Export Promotion Group (MANEG) Chairman.
Eight countries – Rwanda, Cameroon, Egypt, Ghana, Kenya, Mauritius, Tanzania and Tunisia – are operating on GTI having met the minimum requirements.