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Nigeria Net Trade (Goods & Services, BoP)

Nigeria's net trade (goods & services, bop) fell to $-194.39 million in 2024, down from $-5.16 billion in 2023, according to World Bank. This represents a decrease of 96.2% ($4.97 billion) from the previous year. Nigeria has net trade (goods & services, bop) higher than the global median (-$194.39 million vs median -$215.12 million). Compared with the median in Africa, Nigeria is higher (-$194.39 million vs regional median -$1.08 billion) and ranks 13th out of 48 countries in Africa.

Yearly Historical Data (1977-2024)

(in Million USD)
Year Net Trade (Goods & Services, BoP) (Million USD)
2024 -194.39
2023 -5,161.4
2022 -7,958.11
2021 -16,622.24
2020 -32,241.26
2019 -30,893.48
2018 -5,598.56
2017 -86.13
2016 -8,550.72
2015 -22,899.68
2014 -1,860.42
2013 22,765.05
2012 17,649.55
2011 11,643.85
2010 11,846.27
2009 8,910.4
2008 23,807.55
2007 20,849.76
2006 23,321.46
2005 24,367.47
2004 17,120.48
2003 5,582.24
2002 2,339.99
2001 3,908.84
2000 8,947.93
1999 1,792.04
1998 -1,003.65
1997 543.13
1996 1,749.73
1995 -155.21
1994 311.83
1993 1,685.01
1992 3,853.25
1991 2,878.71
1990 7,641.62
1989 3,355.31
1988 2,079.8
1987 2,830.65
1986 1,090.89
1985 4,326.6
1984 1,634.64
1983 -3,061.8
1982 -5,663.28
1981 -5,238.72
1980 7,057.67
1979 2,506.59
1978 -3,256.87
1977 -296.26
Nigeria Net Trade (Goods & Services, BoP) : Definition
Net Trade (Goods & Services, BoP) measures the difference between exports and imports of goods and services in Nigeria, recorded on a Balance of Payments basis and measured in current US dollars. A positive value indicates a trade surplus, while a negative value indicates a trade deficit.
Indicator Last Value Prior Value Period
Annual Exports $52.36B $65.13B 2024
Annual Imports $40.97B $65.05B 2024
Balance of Trade NGN 3.4T NGN 2.4T Jun'25
Exports NGN 7.5T NGN 8.1T Jun'25
FDI Inflows (% GDP) 0.58% 0.51% 2024
Imports NGN 4.1T NGN 5.6T Jun'25
Tariff Rate 11.9% 12.7% 2022