Nigeria Leads West Africa In Intra-African Trade With £14.5 Billion In 2024, Afreximbank Reports.
In a remarkable achievement for Nigeria’s economy, the country has emerged as West Africa’s leader in intra-African trade, recording a staggering $18.4 billion (£14.5 billion) in trade volume for 2024, according to the African Export-Import Bank (Afreximbank). The announcement, shared via posts on X on 26 June 2025, underscores Nigeria’s pivotal role in driving regional economic integration and highlights the growing momentum of the African Continental Free Trade Area (AfCFTA).
The Afreximbank’s African Trade and Economic Outlook Report 2025: African Resilience in a Changing World Order, released on 30 March 2025, revealed that intra-African trade across the continent reached $208 billion in 2024, reflecting a robust 7.7% year-on-year growth. Nigeria’s contribution of $18.4 billion cements its position as a key player, trailing only South Africa, which dominates with a 25% share of intra-African exports. The report credits Nigeria’s success to its ratification of the AfCFTA, improved trade policies, and enhanced infrastructure facilitating the movement of goods.
West Africa, with a total intra-African trade volume of $52.8 billion, ranks second among the continent’s regions, behind Southern Africa’s $58.1 billion. Nigeria’s substantial share underscores its economic influence, outpacing other West African nations and reinforcing its status as the region’s trade powerhouse. The report also notes that Africa’s overall merchandise trade grew by 5.8% to $1.4 trillion in 2024, with intra-African trade accounting for 14.4% of the continent’s formal trade.
Afreximbank’s Executive Vice President, Haytham ElMaayergi, speaking at the African Caucus Meeting of the World Bank Group and International Monetary Fund in Abuja from 1–3 August 2024, highlighted Nigeria’s critical role in the bank’s efforts to double intra-African trade financing from $20 billion in 2021 to $40 billion by 2026. “Nigeria, as our second-largest shareholder, has been instrumental in Afreximbank’s growth,” ElMaayergi stated, noting that the bank has approved over $40 billion to support Nigerian public and private sector entities since its inception in 1993.
The report further praises Nigeria’s strategic investments, including the Afreximbank African Trade Centre (AATC) in Abuja, commissioned in 2024, which marks a new era for intra-African trade by fostering investment and business connections. Additionally, Afreximbank’s support for major Nigerian projects, such as the Dangote Refinery and the African Medical Centre of Excellence, is driving industrialisation and economic diversification, key pillars of the AfCFTA’s objectives.
Despite global challenges, including geopolitical tensions and volatile commodity prices, Nigeria’s trade performance reflects resilience and the potential of regional integration. The AfCFTA, supported by Afreximbank’s initiatives like the Pan-African Payment and Settlement System (PAPSS) and a $10 billion Adjustment Fund, continues to open borders and reduce reliance on external markets. Social media reactions on X celebrated Nigeria’s achievement, with users expressing optimism about the country’s economic trajectory and its leadership in West Africa.
As Nigeria continues to leverage the AfCFTA and Afreximbank’s financing, the country is well-positioned to further enhance its trade dominance, paving the way for sustainable economic growth and greater prosperity across the continent.
