Yemisi Izuora
Dangote’s massive export of refined petroleum products has raised value of Nigeria’s trade with the continent which grew from $7.47 billion to $9.02 billion in 2025, according to the African Export and Import Bank (Afreximbank).
According to the Afreximbank, Nigeria raised its share of intra-African trade, partly by increasing its exports of refined petroleum products to regional markets, including Cameroon, Ghana, and Togo, which was aided by the Dangote Refinery operating at near-full capacity.
Afreximbank highlighted these in its report titled: “African Trade Report 2026: Leveraging Geopolitics for Trade and Industrialisation in Global Africa.”
The report pointed to the growing resilience and potential of African economies whose real GDP growth accelerated from 3.4 per cent in 2024 to 4.5 per cent in 2025, which outpaced global growth and reaffirmed the strength and adaptability of the continent.
The Bank said that aggregate inflation moderated significantly from 21.6 per cent to 13.1 per cent with some countries recording as low as 3.0 per cent inflation rate, while merchandise trade expanded by 6.1 per cent to approximately $1.5 trillion, and intra-African trade grew by 5.5 per cent to about $213.8 billion.
“These outcomes reflect improving macroeconomic management, strengthening institutions, expanding regional cooperation, increasing cross-border investments, and the determination of African countries to sustain growth despite a complex global environment,” it said.
Crude oil was a dominant feature in Nigeria’s exports to Africa while its other key exports included nonoil manufactured goods such as chemicals, plastics, and rubber products, processed agricultural goods and foodstuffs, urea, and cement.
“Nigeria intensified its focus on trade with other African countries, leveraging the AfCFTA to expand market access and lower trade costs for domestic exporters.” says the report.
Specific milestones achieved during the year by Nigeria included the gazetting of the country’s Provisional Schedule of Tariff Concessions in April, which enabled Nigerian goods to qualify for preferential tariffs across AfCFTA member states while granting reciprocal access for African imports.
The report said that new logistics initiatives such as a dedicated air cargo corridor to East and Southern Africa are reducing transportation costs for Nigerian intra-African trade.
It noted that West Africa’s unrealised intra-African export potential remained substantial in 2025 and estimated at slightly more than $7 billion out of a total export potential of approximately $13 billion.
It identified 10 key product categories that accounted for a combined unrealised potential of around $3.1 billion, including processed food products ($0.7 billion) fish and shellfish ($0.5 billion), vegetable oils and fats ($0.4 billion), precious metals and mineral products (each at $0.3 billion).
“Collectively, these sectors highlight the region’s comparative advantage in agro-processing and semi-industrial production, alongside a gradual shift toward more value-added trade
The report however noted that despite the gains, significant gaps still persist between export capacity and actual trade performance, which are particularly true in the processed foods and fisheries sector, where constraints in cold chain infrastructure, packaging, quality standards, and logistics continue to limit scale.
In his recommendation President of Afreximbank, Mr. George Elombi, noted that the report should aid policymakers, business leaders, investors, researchers, development practitioners, and all stakeholders committed to Africa’s transformation.
According to him,: “The years ahead hold immense promise. With visionary leadership, appropriate mind set shift, particularly within the civil service and public sector with focus on execution, strategic partnerships, and collective resolve, Africa can turn the pressures of a turbulent global era into the foundations of a more integrated, industrialised, prosperous, and globally competitive future.”