Nigeria’s exports to countries in the Economic Community of West African States (ECOWAS) totalled N1.54 trillion in the third quarter of 2024, according to the National Bureau of Statistics (NBS).
The bureau’s data also revealed that Nigeria’s imports totalled N82 billion.
According to the report, Ivory Coast is Nigeria’s major commercial partner in the ECOWAS region, importing N662.71 billion in products.
Togo came in second with N574.93 billion, accounting for 97.60 per cent of Nigeria’s total exports to ECOWAS countries in the third quarter of 2024.
Petroleum oils and oils derived from bituminous materials were the most valuable exports to ECOWAS, totalling N1,285.77 billion and accounting for 83.45% of Nigeria’s total exports.
The data from the NBS stated: “The top five exported products represent 93.19 per cent of the total exports to the ECOWAS region.”
Other main exports include electrical energy, valued at N59.69 billion (3.87 per cent), and liquefied petroleum gases and other gaseous hydrocarbons, valued at N35.84 billion (2.33 per cent).
According to the study, Nigeria also exported cocoa beans, valued at N34.88 billion for outstanding grade and N19.73 billion for standard quality.
Nigerian imports from ECOWAS countries reached N82.05 billion.
The study stated, “Nigeria’s major trading import partner within ECOWAS was Ivory Coast (N29.50bn), followed by Ghana (N20.84bn), Togo (N15.80bn), Niger Republic (N3.59bn), and Benin Republic (N1.61bn), representing 86.95 per cent of total imports from the ECOWAS region.”
The analysis also indicated that petroleum bitumen (N19.88 billion), aviation spirit (N13.29 billion), and cocoa powder (N8.05 billion) were the most frequently imported goods.
