KEY POINTS
- Nigeria is the main reason for the growth of trade between Singapore and West Africa.
- Companies put money into the local economy to create jobs and improve skills.
- Strategy shows a long-term commitment even when trade changes.
Nigeria has become the most important participant in Singapore’s growing trade links with West Africa, which is good for the region’s economy and job growth. New data shows that trade between the two partners rose 85 percent to $7.47 billion from 2020 to 2024.
Furthermore a look back at the work together shows that Nigeria was a major player. According to the United Nations Trade and Development (UNCTAD), Nigeria is one of the top 10 places to invest in Africa. Singapore’s total economic footprint in Africa has also now grown to over $20 billion in foreign direct investment.
Sustainability is a key priority of Singapore’s trade growth
Singaporean companies are building manufacturing and processing centers in Nigeria, which is different from traditional investors who take resources from Nigeria to process them elsewhere. Enterprise Singapore has helped companies like Tolaram Group and Valency make big investments in the Lagos Free Trade Zone.
Their focus on agricultural goods has not only increased industrial capacity, but it has also created jobs, fostered local expertise, and made domestic markets more competitive. Experts suggest that this approach is part of a larger trend toward inclusive development in West Africa.
Nigeria is at the heart of the long-term trade plan
The amount of commodities that move between Singapore and Nigeria has been very unstable in the past several years. It went from $727.2 million in 2020 to $1.27 billion in 2021, then dropped to $410.8 million in 2023 and then rose again to $679.1 million in 2024.
Even though the trade numbers aren’t always good, Singapore’s commitment to Nigeria shows that it has a long-term plan. Finally people who watch the industry say that this alliance could show other worldwide collaborations how to mix making money with meeting local requirements for development.
