According to analysis of National Bureau of Statistics (NBS) reports, trade between Nigeria and other nations reached N170. 265 trillion over the five-year period from 2018 to 2022. Due to this, Nigeria’s trade balance was in surplus for the time period, totalling N8.9 trillion.
India was also Nigeria’s top export market, receiving goods worth N13. 8 trillion, followed by the Netherlands (N7.9 trillion), Spain (N10 trillion), France (N5. 3 trillion), and the United States (N5.3 trillion) (N4.6trn).
Prof. Jonathan Aremu claimed that manufacturing firms sourcing their intermediate and raw materials from outside of Africa is the reason for the low trade with Nigeria and other African nations.
Consequently, he claimed that the Africa Continental Free Trade Area (AfCFTA) would aid in preventing this by replacing such products with those that can be produced in Africa while using a differential tariff.