Nigeria’s Stock Market in 2024: Imports Boom as Exports Collapse
Nigeria’s stock market saw sharp contrasts in 2024, with imports surging while exports nearly vanished. The country, better known for oil and agricultural exports, recorded a dramatic drop in stock shipments abroad. Meanwhile, domestic demand for imported stocks rose significantly, led by suppliers from Italy.
The Nigerien stock market itself also expanded rapidly, growing by 243% in value over the previous year.
Stock imports into Nigeria climbed to $X in 2024, marking a steady increase over recent years. The number of units brought in reached X, up by X% compared to 2023. Italy remained the top supplier, providing X% of all imported stocks. The average price per imported instrument rose to $X, reflecting a X% jump from the year before.
On the export side, Nigeria’s stock shipments fell to just $X in value, continuing a long-term decline. Only X units were sent abroad in 2024, a X% drop from the previous year. The UK was the main buyer, taking X% of Nigeria’s limited exports. No reliable data exists on where stocks were exported beyond this, as volumes remain negligible compared to Nigeria’s major trade goods.
Domestic consumption had previously peaked at $1.9M in 2019 but has since declined. The total market value for stocks in Nigeria stood at $89K in 2024, a figure that, despite its size, represented a 243% increase from 2023. Production within the country, measured by export value, shrank to $X, with an average annual decline of X% over the past twelve years.
Nigeria’s stock trade in 2024 highlights a growing reliance on imports while local production and exports dwindle. The UK remains the only notable export destination, though volumes are minimal. With domestic consumption still below its 2019 peak, the market’s future depends largely on foreign supply and shifting demand.
