In a considerable advancement, Nigeria has reportedly moved from ninth to fourth place in Africa’s trade rankings. The most recent Africa Trade Barometer, a study by Stanbic IBTC Holdings Plc, made this information public. The Africa Commerce Barometer, which evaluates important economic indicators for all of the countries on the continent, offers insightful information about the dynamics and possibilities of commerce on the continent. This version of the report emphasizes Nigeria’s critical influence in defining Africa’s trade landscape and provides a thorough analysis of its present situation and potential.
The index ranks are based on seven main categories: infrastructure, international trade, governance, economy, access to finance, trade financial behavior, and trade openness. Changes in a nation’s overall score and relative standing in comparison to other nations are what determine changes in that nation’s ranking.
Angola now has the lowest tradability index, while South Africa has the best. The advancements in the quantitative trade barometer (QTB) and survey trade barometer (STB) rankings are responsible for Nigeria’s improvement in the trade barometer ranking. The nation rose two spots, from position 8 to position 5 in the Standard Bank (SB) STB ranking and from position 7 to position 4 in the SB QTB ranking.
This success is attributable to notable increases in business confidence scores, the simplicity of obtaining finance, and government support for trading activities. The research also looks closely at Nigeria’s import and export figures, highlighting its most important industries and important trading partners.
Stakeholders obtain a comprehensive awareness of the Nigerian market and its growth potential by evaluating the nation’s trade policies and new trends. Identifying obstacles Nigerian businesses encounter in international trade is one of the report’s key areas of attention.
The research examines regulatory difficulties, infrastructure shortages, and logistical constraints; as a result, it provides insight into the strategic actions taken by the Nigerian government to overcome these problems and improve trade competitiveness. The Nigerian policies and programs put in place to entice foreign direct investment (FDI) and encourage trade diversification were highlighted in the 2023 African Trade Barometer.