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Singapore-West Africa trade jumps 85% to $7.47bn, boosting employment in Nigeria - BUSINESSDAY
Singapore’s strengthening trade partner with West Africa has caused an 85 percent increase to $7.47 billion from 2020 to 2024, with Nigeria at the forefront of economic growth and job creation.ADVERTISEMENT
This is according to latest figures from Enterprise Singapore.
Notably, West Africa accounted for over half of this trade at $7.4 billion, and Nigeria stands out as a central player in the expanding partnership.
Singapore’s broader economic footprint in Africa includes over $20 billion in foreign direct investment as of the end of 2023, according to figures from UNCTAD. Nigeria now ranks among the top 10 investor economies in Africa.
Further, the Asian country’s engagement in Nigeria is a model that diverges sharply from traditional foreign investment practices on the continent. Asides merely importing and exporting commodities, Singaporean companies are focused on local value creation and sustainable development.
How Singapore is creating job opportunities in Nigeria
Singaporean companies such as Tolaram Group and Valency’s operations have been significantly supported by Enterprise Singapore through initiatives in the Lagos Free Trade Zone.
These companies have established in-country factories and processing plants, particularly within Nigeria’s agri-commodities sector, a move that not only bolsters local industrial capacity but also fosters employment and domestic economic empowerment.
Unlike conventional investors who often extract raw materials for offshore processing, Singapore-backed ventures are laying down the groundwork for inclusive growth by ensuring that more of the production value chain remains within Nigeria.
This approach is designed to generate long-term employment, develop skill sets locally, and strengthen internal markets.
Nigeria–Singapore trade snapshot
Between 2020 and 2024, trade in goods between Singapore and Nigeria experienced notable fluctuations. It began at $727.2 million in 2020, rose significantly to $1,277.3 million in 2021, then dipped to $712.1 million in 2022. The decline continued in 2023 with trade falling to $410.8 million, but recovered in 2024 to reach $679.1 million. These figures reflect both the dynamic nature of bilateral trade relations and the evolving investment landscape between the two countries.
Despite fluctuations in trade volume, Singapore’s commitment to Nigerian markets particularly in sectors that foster sustainable development signals a long-term strategic vision. Industry analysts suggest that Nigeria’s central role in West Africa’s economy makes it an attractive partner for growth-focused investment strategies.
Singapore’s approach in Nigeria may set a benchmark for how international partnerships can serve the host country’s developmental priorities without compromising commercial success.
