Trade between Singapore and West Africa has witnessed remarkable growth, increasing by 85% to reach $7.47 billion from 2020 to 2024. At the heart of this expansion is Nigeria, which has emerged as the region’s leading trading partner and serves as a crucial link between Africa’s largest economy and Asia’s global trading hub.
Nigeria’s exports to Singapore are primarily crude oil and natural gas, which continue to make up the majority of trade flows. However, there is a growing export of agricultural commodities such as cocoa, cashew nuts, sesame seeds, and rubber. On the import side, Singapore supplies a diverse array of products, including refined petroleum, machinery, electronics, chemicals, pharmaceuticals, and consumer goods, highlighting its role as a global refining and distribution hub.
Beyond traditional trade, Singapore’s economic presence in Nigeria reflects a shift from resource extraction to value-added and sustainable investments. With support from Enterprise Singapore, companies like Tolaram Group and Valency International have established processing facilities in the Lagos Free Trade Zone, particularly in the agri-commodities sector. These investments are building local industrial capacity, generating employment, and ensuring that more value remains within Nigeria, thereby strengthening its domestic economy.
Although bilateral trade volumes have fluctuated, they demonstrate resilience. Trade rose from $727.2 million in 2020 to $1.28 billion in 2021 before decreasing to $712.1 million in 2022 and $410.8 million in 2023. A rebound to $679.1 million in 2024 indicates renewed momentum and growing investor confidence.
Analysts emphasise that Nigeria’s strategic importance in West Africa, combined with Singapore’s long-term commitment, provides a strong foundation for deeper economic collaboration. With Nigeria leading the way, bilateral ties are expected to expand further, unlocking new opportunities for investment, industrialisation, and inclusive development throughout the region.
