This decline becomes even more pronounced when trade values are converted from naira to the U.S. dollar, the globally accepted currency for international transactions.
A review of Nigeria’s foreign trade statistics by SaharaReporters has revealed a significant decline in both exports and imports, marking a troubling economic trend under President Bola Tinubu's administration.
This decline becomes even more pronounced when trade values are converted from naira to the U.S. dollar, the globally accepted currency for international transactions.
According to the latest data from the National Bureau of Statistics (NBS), Nigeria’s total export value in 2024 stood at N60.690 trillion, while imports were recorded at N77.442 trillion.
Given that the average exchange rate for the dollar in 2024 was ₦1,472 per $1, this translates to exports worth $52.6 billion and imports worth $41.2 billion.
Comparing these figures to previous years highlights a sharp decline in both imports and exports.
In 2023, exports stood at N36.962 trillion, which, at an average exchange rate of ₦635.2 per dollar, amounted to $58.2 billion.
Imports in 2023 were valued at N30.863 trillion, translating to $48.5 billion.
In 2022, exports stood at N28.788 trillion, which, at an average exchange rate of ₦423.7 per dollar, amounted to $67.9 billion.
Imports for the same year,2022, totalled N26.680 trillion, equivalent to $62.9 billion. In 2021, exports were valued at N18.807 trillion, which, at an exchange rate of ₦403.5 per dollar, translated to $46.8 billion.
Imports for that year stood at N20.843 trillion, amounting to $51.6 billion.
Nigeria’s export value in 2024, at $52.6 billion, is the second lowest in the past four years, only surpassing the $46.8 billion recorded in 2021. Imports in 2024, at $41.2 billion, are at their lowest level in the period under review from 2021 to 2024.
The nation’s export earnings have steadily declined from $67.9 billion in 2022 to $52.6 billion in 2024.
Imports have also dropped sharply from $62.9 billion in 2022 to $41.2 billion in 2024, indicating a shrinking international trade activity.
The falling export figures indicate a decline in Nigeria’s ability to sell goods abroad, which could be linked to reduced production capacity, weakening global demand for key exports, or domestic economic challenges such as foreign exchange instability and policy uncertainties.
Meanwhile, lower import values suggest that businesses and consumers are cutting back on foreign purchases, possibly due to a weaker naira, higher import costs, or declining purchasing power.
This development is particularly significant given President Bola Tinubu’s promise to enhance Nigeria’s export sector and improve trade balance.
However, the latest data suggests that the country is facing one of its worst trade performances in recent years, amid new government reforms and policies.