What are Nigerias top exports and Imports

Nigeria is the largest economy in Africa and 30th in the world with a GDP of about $398 billion. It is also Africa’s most populous state with a population of approximately 198 million. Nigeria ranks 49th in the export market globally with exports of $46.8B and imports of $34.2B in 2017. The state is among the few African states with a positive balance of payment. In 2018, exports from Nigeria rose by $2B to $48.8B making it the second-largest exporter in Africa behind South Africa. Despite ranking top in Africa, Nigeria is the 124th most complex economy, as it remains fragile and susceptible to imported inflation due to the over-dependence on oil exports. Apart from petroleum products, Nigeria also exports cocoa beans and rough wood. India ($8.25B) and the United States ($6.68B) are the top export destination alongside Spain ($4.54B) and France ($2.81B).

​Biggest Exports of Nigeria

Petroleum-Based Exports

Nigeria relies heavily on petroleum products for export revenues. In 2018, petroleum products accounted for about 92% of the country's exports. Top exports are crude petroleum ($35.6B), petroleum gas ($6.47B), and refined petroleum ($774M). Nigeria exports crude oil and imports refined oil due to a lack of refineries and limited technology. Over-reliance on petroleum products exposes the country to inflation and unstable revenues due to fluctuating oil prices. The West African state is among countries with vast deposits of natural gas but is unable to mobilize them for domestic consumption and export due to political instability, lack of technology, legislative shortcomings, inconsistent growth, insurgency, and corruption.

Agricultural Exports

Agriculture accounts for 70% of employment and 22% of the GDP. Favorable climate and the abundance of arable land allows the state to grow nuts, grains, and fruits. However, most of the farming in the country is subsistence-based with the utilization of manual labor and limited agricultural machinery. Cashew nuts in shells, sesame seeds, cocoa beans, and soya beans are the top agricultural exports. In 2018, Nigeria failed to sign the Continental Free Trade Area agreement that advocates for unrestricted trade across the African continent citing protection of its domestic industries.

​The Service Industry In Nigeria

Nigeria’s service industry ranks 27th in the world and first in Africa. The country has an enormous potential for financial service, and international banks are becoming attracted by the market. A large percentage of the population has limited access to financial services due to bureaucratic systems lack of investments. The tourism sector remains limited due to political instability while poor infrastructure hinders efficient transport.

Exports and imports of Nigeria in 2019 are below, along with number of countries and products

Top five countries to which Nigeria exported in 2019 are below, along with the percent of total exports that went to that country:

1. Nigeria exports to India worth US$ 8,263 million, with a partner share of 15.41 percent.
2. Nigeria exports to Spain worth US$ 5,319 million, with a partner share of 9.92 percent.
3. Nigeria exports to Netherlands worth US$ 4,868 million, with a partner share of 9.08 percent.
4. Nigeria exports to Ghana worth US$ 4,003 million, with a partner share of 7.47 percent.
5. Nigeria exports to France worth US$ 3,550 million, with a partner share of 6.62 percent.

Top five countries from which Nigeria imported goods in 2019 are below, along with percent of total imports that came from the country :

1. Nigeria imports from China worth US$ 12,060 million, with a partner share of 25.46 percent.
2. Nigeria imports from India worth US$ 5,703 million, with a partner share of 12.04 percent.
3. Nigeria imports from United States worth US$ 4,678 million, with a partner share of 9.88 percent.
4. Nigeria imports from Netherlands worth US$ 3,493 million, with a partner share of 7.37 percent.
5. Nigeria imports from Belgium worth US$ 2,376 million, with a partner share of 5.02 percent.

The top five exported HS 6 digit level products to world by Nigeria along with trade value are:

1. Nigeria exported Petroleum oils and oils obtained from bituminou , worth US$ 41,039,870.94 million.
2. Nigeria exported Natural gas, liquefied , worth US$ 4,980,112.62 million.
3. Nigeria exported Vessels and other floating structures for break , worth US$ 2,256,025.76 million.
4. Nigeria exported Tubing, flexible, with or without fittings of i , worth US$ 2,096,106.18 million.
5. Nigeria exported Floating or submersible drilling or production , worth US$ 549,691.03 million.

The top five imported HS 6 digit level products from world by Nigeria along with trade value are

1. Nigeria imported Petroleum oils, etc, (excl. crude); preparation , worth US$ 7,060,767.11 million.
2. Nigeria imported Electro-diagnostic apparatus, nes , worth US$ 2,384,513.15 million.
3. Nigeria imported Automobiles with diesel engine displacing more , worth US$ 1,681,368.11 million.
4. Nigeria imported Laboratory,hygienic or pharmaceutical glsware e , worth US$ 1,444,305.56 million.
5. Nigeria imported Motorcycles with reciprocating piston engine di , worth US$ 1,336,824.13 million.

Exports and imports of products by stages of processing in 2019 are below along with their corresponding Product Share as percent of total export or import

• Nigeria Raw materials exports were worth US$ 41,833 million, product share of 78.02%.
• Nigeria Raw materials imports were worth US$ 2,556 million, product share of 5.40%.
• Nigeria Intermediate goods exports were worth US$ 4,989 million, product share of 9.30%.
• Nigeria Intermediate goods imports were worth US$ 8,586 million, product share of 18.12%.
• Nigeria Consumer goods exports were worth US$ 5,775 million, product share of 10.77%.
• Nigeria Consumer goods imports were worth US$ 17,473 million, product share of 36.89%.
• Nigeria Capital goods exports were worth US$ 1,012 million, product share of 1.89%.
• Nigeria Capital goods imports were worth US$ 18,753 million, product share of 39.59%.

Tariffs imposed by Nigeria in 2019 are below

Key Development Indicators of Nigeria in 2019 are below

Trade Indicators for Nigeria in 2019 are below