- It is reported that last year, the volume of trade between Nigeria and South Africa hit $2.9 billion, raising the aspirations of further growth in trade volume.
- In 2020, South Africa imports from Nigeria stood at $2.48 billion dominated by crude oil while its exports to Nigeria was around $425milion.
- Nigeria became South Africa’s top import market in Africa and sixth globally, after China, Germany, USA, India and Saudi Arabia in 2020.
The launch of the African Continental Free Trade Area (AfCFTA) agreement is showing its positive impact on intra African trade. This is evident in the rising trade between Nigeria and South Africa. It is reported that last year, the volume of trade between Nigeria and South Africa hit $2.9 billion, raising the aspirations of further growth in trade volume. In 2020, South Africa imports from Nigeria stood at $2.48 billion dominated by crude oil while its exports to Nigeria was around $425milion. Nigeria became South Africa’s top import market in Africa and sixth globally, after China, Germany, USA, India and Saudi Arabia in 2020.
According to Nigeria’s Consul General, Malik Abdul, Nigeria accounted for 64 per cent of South Africa’s trade in West Africa and is one of top three sources of crude oil for South Africa.
Mr.Malik Abdul added that, South Africa was among the top 10 per cent of investors in Nigeria, globally. It is also South Africa’s 10th biggest export market in Africa and thirty-second globally. Nigeria accounts for 64 per cent of South Africa’s trade with West Africa and is one of South Africa’s top three sources of crude oil.
