From Oil To Manufacturing: Nigeria’s African trade records major growth

Nigeria’s trade with other African countries increased from $7.47 billion in 2024 to $9.02 billion in 2025, according to the latest report by the African Export-Import Bank (Afreximbank).

In its Africa Trade Report 2026, Afreximbank said the growth was driven by government policy reforms, better transport and logistics, and opportunities created by the African Continental Free Trade Area (AfCFTA).

The report noted that Nigeria strengthened its role in African trade through improved trade policies, increased exports, and better infrastructure that made it easier for businesses to trade across the continent.

Although crude oil remained Nigeria’s biggest export to African countries, the report highlighted growing exports of non-oil products such as chemicals, plastics, rubber products, processed agricultural goods, food items, urea, and cement.

Afreximbank said Nigeria has been taking advantage of the AfCFTA agreement to expand access to African markets and lower trading costs for local exporters.

One major development was the approval of Nigeria’s Provisional Schedule of Tariff Concessions in April 2025. This allows Nigerian goods to enjoy lower tariffs in participating African countries while also giving imports from those countries similar benefits.

The bank explained that the tariff concessions are expected to make Nigerian products more competitive across Africa and create new opportunities for exporters looking beyond traditional markets.

Improved logistics also played an important role in boosting trade. Afreximbank pointed to initiatives such as a dedicated air cargo corridor connecting Nigeria with East and Southern Africa, helping businesses move goods faster and at lower costs.
Across the continent, intra-African trade grew by about 5.5 per cent in 2025, supported by stronger implementation of AfCFTA, rising regional demand, and improved trade facilitation measures.

While commodities such as fuel and metals still make up a large share of African trade, the report said there is a gradual shift toward higher-value manufactured and semi-processed products.

It also highlighted the growth of regional value chains in sectors such as agro-processing and cement production, which could create more opportunities for Nigerian manufacturers.

On the economy, Afreximbank said Nigeria benefited from higher oil production, improved investor confidence, and supportive government policies, helping the country record 4.0 per cent economic growth in 2025.

However, the bank noted that although Africa’s economy grew faster than the global average, growth remained below the continent’s historical average of around five per cent recorded between 2011 and 2019.

It stressed the need for greater industrialisation and stronger regional trade integration to sustain long-term growth.