Nigeria tops as Singapore’s West Africa trade surges 85% to $7.47bn

Nigeria has become the main driver of economic expansion and job creation in Singapore’s growing trade relationship with West Africa, which has risen by 85 percent to $7.47 billion between 2020 and 2024. Data from UNCTAD shows Singapore holds over $20 billion in foreign direct investment across Africa, with Nigeria ranking among its top 10 destinations.

Unlike many traditional investors that focus on resource extraction, Singapore’s engagement in Nigeria emphasizes building local value, sustainability, and inclusive growth. Companies such as Tolaram Group and Valency, supported by Enterprise Singapore, have established factories and processing plants in the Lagos Free Trade Zone, particularly in the agri-commodities sector. These investments boost Nigeria’s industrial capacity, create jobs, strengthen domestic markets, and help develop local skills

Trade flows between both countries have been uneven: rising from $727.2 million in 2020 to $1.28 billion in 2021, before falling sharply in 2022 and 2023, then recovering to $679.1 million in 2024. Despite these fluctuations, Singapore’s long-term commitment reflects its strategic view of Nigeria as West Africa’s economic hub and a key partner in sustainable development.

Analysts suggest that Singapore’s model—balancing profitability with support for host-country development—could become a template for future international collaborations.