The volume of trade between Nigeria and South Africa hits $2.9 billion in 2020.
According to Nigeria’s Consul General, Malik Abdul, in a statement, South Africa imported $2.48 billion worth of goods, predominantly crude oil from Nigeria and exported $425milion to Nigeria.
“South Africa is currently among the top 10% of investors in Nigeria, globally and Nigeria is South Africa’s 10th biggest export market in Africa and 32nd globally. Nigeria accounts for 64% of South Africa’s trade with West Africa and is one of South Africa’s top three sources of crude oil,” he stated.
“Also, Nigeria in 2020 was South Africa’s top import market in Africa and sixth globally, after China, Germany, USA, India and Saudi Arabia. Over the past year, South Africa imported $2.48 billion worth of goods predominantly crude oil from Nigeria and exported $425 million worth to Nigeria,” he added.
There is an expectation of trade volume between the countries rising further with the African Continental Free Trade Area (AfCFTA) agreement.x