West Africa Exports $166bn in 2024, But Regional Trade Still Lags, Says Tuggar
Nigeria’s Foreign Affairs Minister, Ambassador Yusuf Maitama Tuggar, disclosed that West African nations exported goods worth over $166 billion in 2024, yet revealed concerning statistics about regional trade integration.
The minister highlighted that only 8.6 percent of this substantial trade volume remained within regional boundaries during his address at the well-attended West Africa Economic Summit (WAES) 2025 in Abuja.
Ambassador Tuggar noted that import patterns mirror this external dependency, with trade flows heavily oriented toward non-continental partners.
“Let us not forget that in 2024, West Africa exported goods valued at over $166 billion. Yet only 8.6 per cent of that trade remained within our borders.
Machinery and manufactured goods from China, India, the United States, and the European Union dominate our import flows, while we continue to export unprocessed raw materials,” he said.
The minister characterised this situation as extending beyond capacity limitations to fundamental orientation challenges.
He emphasised the need for governments and regional authorities to facilitate formal sector participation, enabling economies of scale and operational efficiencies that accelerate growth and support entrepreneurial activities.
Ambassador Tuggar observed that informal sector operations often meet market demands more effectively by circumventing sluggish and bureaucratic border controls and regulatory frameworks.
President Bola Tinubu addressed the summit, advocating for enhanced regional value chain development across West Africa to address persistently low levels of intra-regional commerce.
The President noted that intra-regional trade throughout West Africa remains below 10 per cent, representing a challenge that regional stakeholders must urgently address.
Tinubu attributed the subregion’s limited trade volumes to coordination failures, rather than insufficient political commitment.
Nigeria experienced significant trade pattern shifts in 2024, with Africa becoming the nation’s primary export destination.
National Bureau of Statistics data shows that Nigeria’s Q4 2024 exports to Africa reached ₦2,042.06 billion, representing 10.20% of total exports, with ECOWAS countries accounting for ₦1,175.44 billion or 57.56% of African exports.
Africa collectively became Nigeria’s leading regional export market in 2024, with total exports reaching ₦8.74 trillion.
WAES 2025, an initiative of President Bola Ahmed Tinubu executed by Nigeria’s Ministry of Foreign Affairs, was designed as a premier platform for strategic dialogue and regional cooperation.
Operating under the theme “Unlocking Trade and Investment Opportunities in the Region,” the summit seeks to strengthen economic cooperation, promote cross-border investment, and accelerate sustainable development across critical sectors, including trade, energy, agriculture, infrastructure, digital finance, and regional integration.
The summit brought together Heads of State and Government from Benin Republic, Liberia, and Sierra Leone, alongside senior policymakers, business leaders, development institutions, and youth innovators representing the West African subregion.
