Challenges and Opportunities: A Closer Look at Nigeria's Foreign Trade in Naira

Credit: Muhammed Abiodun Mustapha

Nigeria, one of the largest economies in Africa, heavily relies on foreign trade to boost its economic growth. In recent years, Nigeria's foreign trade has been impacted by the fluctuation in the value of the naira, the country's currency, against major currencies like the US dollar, British pound, and euro.

According to the trade figures for 2022, Nigeria imported goods worth 25.6 trillion naira ($62.1 billion) and exported goods worth 26.8 trillion naira ($64.9 billion). The top imports for Nigeria in 2022 were petroleum products, industrial equipment, vehicles, and machinery. China was the largest source of imports for Nigeria, followed by the Netherlands, India, and the USA.

On the other hand, Nigeria's top exports were petroleum products, natural gas, and agricultural products such as cocoa, cashew nuts, and sesame seeds. The India was the largest destination for Nigeria's exports, followed by Spain, the Netherlands, and the USA.