According to African Export-Import Bank (AFREXIMBANK). In 2024, Nigeria’s intra-African trade reached 127% approximately $18.4billion. An outstanding increase from around $8.1billion in 2023. This increase makes Nigeria the largest intra-African trader in West Africa with strong profits driven especially by refined petroleum exports through the recent operational Dangote Refinery. With a capacity of supplying 650,000/bpd directly to Cameroon and other neighbouring markets. The rise from $8billion to $18.4billion shows that Nigeria’s intra-African trade is eventually unlocking its potential, particularly in refined energy with the help of home-grown capacity.
The top five intra-African exporters are Nigeria, South Africa, Cote d’Ivoire, Egypt and Zimbabwe. Intra-African trade hit $220.3billion in 2024 from $196 billion in 2023 across all countries.
President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah mentioned the steadfast support of the Federal Government of Nigeria was seen in its response to capital calls and the removal of regulatory hurdles, has been instrumental in the bank’s business operations within the country and in the West African sub-region.
He also stated that the bank has been positioned at the forefront of Africa’s socio-economic battle and rallied the support of political leader and policy makers behind it with the support of the Nigerian Government and all stakeholders.
