Nigeria’s trade dynamics have historically been defined by an interesting mix of export and import dependence. On the export side, Nigeria has been reliant on the export of crude oil for between 80 – 90% of its export earnings, a significant portion of government revenue, and a critical source of foreign exchange. On the import side, Nigeria has been dependent on the import of refined petroleum products for its energy supply, as well as various food products and manufactured goods. The former “oil economy” used to enjoy a substantial trade surplus driven by its oil exports although this fluctuated with terms of trade linked to the global price of oil, and to varying domestic production and output.

The Nigeria – Ghana rivalry has been going on for as long as both countries have existed, the British colonized both countries, leaving them with similar political ideologies and systems of Governance. Nigeria and Ghana are the most knitted emotionally, culturally, commercially, and otherwise in the whole of Africa. In fact, it is difficult to differentiate a Ghanaian from a Nigerian even among fellow West Africans, so the competition between the two nations is like what is obtainable in a big African family tree where everyone jostles to outsmart the other.

Nigeria has a larger population compared to Ghana, but Ghana was richer with cocoa and its gold until Nigeria’s oil boom. This and many other variables constitute reasons for the rivalry between the two countries. They may not have common boundaries, but it is evident that Ghana is Nigeria’s nearest Anglophone neighbor. No doubt, each country has the right to promulgate its foreign and citizenship policies. Nevertheless, the desire to promote national interest and maintain cordial relationship with other countries can-not be overemphasized.​During the last 25 years the exports of Nigeria to Ghana have increased at an annualized rate of 2.76%, from $181M in 1996 to $358M in 2021. In 2021, Nigeria did not export any services to Ghana, Ghana exported $48.3M to Nigeria in the same year. Nigeria was Ghana’s third-most-important trade partner in 2010, accounting for almost 10 percent of total Ghanaian foreign trade. Ghana, in turn, was Nigeria’s ninth-largest trade partner in that same year, accounting for some 1.3 percent of Nigerian trade (including 1.9 percent of exports).  

   In 2023 Nigeria’s Exports to Ghana was US$124.37 Million. Although rated as the two biggest economies in West Africa, the relationship between Nigeria and Ghana has been topsy-turvy over the years. Their historical, political, and social similarities notwithstanding, the two countries have recently become cynical of each other’s policies this is particularly pronounced on trade matters.

   The tensions experienced by the two countries were being blamed on bilateral trade differences. The Ghanaian government has a law that restricts foreigners from retail trade, and Ghanaian traders do not want the Nigerian traders in their markets. Nigerians can be wholesalers but not retailers. Foreigners in Ghana cannot run small retail shops, but they can own wholesale firms or other businesses in which around $1m (£782,000) has to be invested.

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