Commerce between Nigeria and Niger Republic rebounded strongly in 2024, with exports from Nigeria hovering by 77.12% to N82.38 billion, in keeping with the newest information from the Nationwide Bureau of Statistics (NBS).
The whole commerce quantity between each international locations climbed to N91.92 billion in 2024, up from N50.48 billion recorded in 2023, regardless of diplomatic tensions.
The sharp improve was largely pushed by Nigerian exports to Niger, which jumped from N46.51 billion in 2023 to N82.38 billion in 2024. Exports accounted for 89.62% of whole commerce, reflecting a robust demand for Nigerian items within the Sahel nation.
Imports from Niger additionally rebounded from N3.97 billion in 2023 to N9.53 billion in 2024, signalling a gradual restoration in financial exchanges.
Commerce volatility and diplomatic rigidity
- Commerce between Nigeria and Niger has fluctuated considerably over the previous 5 years. In 2020, whole commerce between the 2 international locations stood at N6.69 billion earlier than surging to N88.60 billion in 2021, pushed by a rise in Nigerian exports to N78.40 billion.
- The momentum continued into 2022, with whole commerce reaching N95.76 billion. Nevertheless, in 2023, financial exercise between each nations dropped sharply by 47.28% to N50.48 billion following political instability in Niger.
The July 2023 coup that led to the elimination of President Mohamed Bazoum triggered a diplomatic standoff between Nigeria and Niger, main ECOWAS to impose sanctions on the nation. These included border closures, monetary restrictions, and the suspension of the electrical energy provide, all of which disrupted commerce.
Nevertheless, regardless of these restrictions, commerce rebounded in 2024, reflecting a resilient demand for Nigerian merchandise in Niger.
Nigeria’s high exports and imports from Niger
- Nigeria stays one in all Niger’s greatest buying and selling companions, supplying important commodities together with agricultural merchandise, manufactured items, and petroleum merchandise. The NBS overseas commerce report for This fall 2024 ranked Niger as one in all Nigeria’s key buying and selling companions inside ECOWAS, stating, “Nigeria’s main buying and selling import associate inside ECOWAS was Ivory Coast (N41.40 billion), adopted by Ghana (N22.96 billion), Liberia (N4.04 billion), Niger Republic (N2.62 billion), and Togo (N2.21 billion), representing 90.45% of whole imports from the ECOWAS area.”
- Cigarettes emerged as a significant Nigerian export to Niger, with N9.34 billion value of cigarettes imported from Nigeria into Niger Republic in This fall 2024.
- Nigeria’s imports from Niger in This fall 2024 have been largely agricultural and uncooked supplies. Contemporary or dried dates led the imports at N956.68 million, adopted by cement (excluding white cement) at N919.07 million. The rise in cement imports indicators elevated infrastructure and building exercise in Nigeria. Different notable imports included contemporary strawberries (N255.97 million), complete hides and skins (N125.65 million), and shelled pine nuts (N80.66 million), indicating demand for uncooked supplies in Nigeria’s meals processing and leather-based industries.
Nigeria’s commerce with Mali and Burkina Faso sees sturdy progress
Nigeria’s commerce with Mali and Burkina Faso additionally noticed a notable improve in 2024, highlighting deepening financial ties with the 2 Sahel nations.
Complete commerce between Nigeria and Burkina Faso grew from N12.92 billion in 2023 to N18.26 billion in 2024, representing a 41.4% improve.
- Greater exports largely drove this progress, which climbed from N12.92 billion to N18.20 billion. Imports from Burkina Faso, although considerably smaller in quantity, additionally rose sharply from N4.41 billion to N59.16 billion throughout the similar interval.
- Nigeria’s commerce with Mali noticed a good greater surge, with whole commerce reaching N199.21 billion in 2024, up from simply N12.57 billion in 2023. Essentially the most placing change was in Nigeria’s imports from Mali, which soared from N269.87 million in 2023 to N183.79 billion in 2024.
- This shift suggests a big restructuring of commerce patterns, presumably as a result of elevated demand for Malian items or new commerce agreements. In the meantime, Nigeria’s exports to Mali additionally rose from N12.30 billion in 2023 to N15.42 billion in 2024, sustaining regular progress.
- The sharp rise in commerce with Burkina Faso and Mali comes amid the formation of the Alliance of Sahel States (AES), a regional bloc established by Mali, Burkina Faso, and Niger in September 2023.
The alliance, created by the Liptako-Gourma Constitution, goals to boost safety cooperation among the many three military-led governments following their departure from ECOWAS in January 2024.
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