Nigeria (NGA) Exports, Imports, and Trade Partners | The Observatory of Economic Complexity (2024)

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Nigeria (NGA) Exports, Imports, and Trade Partners | The Observatory of Economic Complexity? ›

Overview In 2022, Nigeria was the number 30 economy in the world in terms of GDP (current US$), the number 51 in total exports, the number 53 in total imports, the number 146 economy in terms of GDP per capita (current US$) and the number 127 most complex economy according to the Economic Complexity Index (ECI) .

Nigeria's main export partners are India (12.6% of total exports), Spain (12%), the Netherlands (9.6%), the U.S. (6.8%), and France (5.8%). Its main suppliers are China (22.7% of total imports), the Netherlands (10.4%), India (7.9%), the United States (5.6%), and France (2.6% - data NBS 2022).

Economic Relations

At $3.4 billion in 2022, Nigeria is the second largest U.S. export destination in Sub-Saharan Africa. U.S. exports to Nigeria include vehicles, wheat, machinery, fuels, and plastics. Nigerian exports to the United States include crude oil, cocoa, cashew nuts, and animal feed.

Top 5 Products exports imports at HS 6 digit level 2021

Nigeria exported Floating or submersible drilling or production , worth 1,170,082.49 (US$ Thousands). Nigeria exported Urea , worth 906,350.45 (US$ Thousands). Nigeria exported Petroleum gases and other gaseous hydrocarbons , worth 594,871.47 (US$ Thousands).

Comparison: In 2022, United States ranked 10 in the Economic Complexity Index (ECI 1.47), and 2 in total exports ($1.95T). That same year, Nigeria ranked 127 in the Economic Complexity Index (ECI -1.67), and 51 in total exports ($70.7B).

Nigeria: As the most populous country in Africa, Nigeria has a diversified economy, particularly in the oil and gas sectors. South Africa: South Africa has a diversified economy with sectors such as mining, agriculture, and services.

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During the last five reported years the exports of Nigeria have changed by $21B from $49.7B in 2017 to $70.7B in 2022. The most recent exports are led by Crude Petroleum ($52.1B), Petroleum Gas ($9.04B), Nitrogenous Fertilizers ($2B), Refined Petroleum ($1.04B), and Gold ($806M).

The oil sector provides for 95% of Nigeria's foreign exchange earnings and 80% of its budgetary revenues. Note: Top 3 trade partners are calculated by imports + exports.

The commodities with the largest values of imported products were 'Motor Spirit Ordinary' valued at ₦1,921.03 billion or 22.71%, 'Gas oil' with ₦736.66 billion or 8.71% and 'Durum wheat (not in seeds)' with value amounting to ₦331.76 billion or 3.92% of total imports.

Is Nigeria a struggling economy? ›

Nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free-fall and millions of people struggling to buy food. Only two years ago Africa's biggest economy, Nigeria is projected to drop to fourth place this year.

ALASKA STATE IN USA IS BIGGER THAN NIGERIA. Yes! km/356,669 sq mi.

Latest data (July 1, 2020) from the U.S. Census Bureau put Nigeria's population at 214 million while China and the United States are 1.4 billion and 330 million respectively.

In 2021, the top partner countries to which Nigeria Exports All Products include India, Spain, France, Netherlands and Canada.

While the EU is Africa's biggest trading partner, followed by China and then intra-African trade, the researchers also examined Africa's trade with the US, UK and emerging economies such as India, Brazil and Turkey. The findings are instructive for those seeking to develop trading partnerships with the continent.