Nigèria flag Nigèria: Visió econòmica i política

Xifres de comerç exterior de Nigèria

Foreign Trade in Figures

Nigeria is relatively open to trade, which accounts for 26% of its GDP (World Bank, latest data available). The objective of Nigeria's trade policy is to promote and diversify its exports by reinforcing national competitiveness and encouraging liberalization through the reduction of subsidies. The country mainly exports petroleum oils and petroleum gas (mineral products account for 90% of total exports), and boats (3.4%); while imports are led by mineral products (40%), machinery (16.9%), chemical products (8.6%), and vehicles (6.5% - data National Bureau of Statistics 2022).

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). Nigeria is a member of the World Trade Organization (WTO) and has signed several regional and bilateral trade agreements. The country is a member of the Economic Community of West African States (ECOWAS) and has signed the African Continental Free Trade Area (AfCFTA) agreement, which aims to create a single market for goods and services among African countries. The Nigerian government has implemented various measures to promote exports, such as the Export Expansion Grant (EEG) and the Nigerian Export Supervision Scheme (NESS). These measures aim to encourage non-oil exports, promote value addition, and increase competitiveness. Lingering barriers to trade and investment persist in the country, mainly due to long bureaucratic delays.

Nigeria’s trade balance is structurally positive, but it occasionally turns negative when oil prices and production drop. According to WTO data, in 2022, exports of goods amounted to USD 63 billion, whereas imports reached USD 60.3 billion (+34.5% and +16.3% y-o-y, respectively - WTO). Exports of services stood at USD 4.8 billion, while imports totaled USD 18.8 billion (WTO). According to preliminary figures from CBS, in 2023, total trade amounted to NGN 71,880.01 billion, with imports totaling N35,917.62 billion and exports reaching NGN 35,962.39 billion (+34.2% and +40.3% y-o-y, respectively).

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 43,00755,25735,74051,88060,351
Exports of Goods (million USD) 60,54762,53135,63446,87163,075
Imports of Services (million USD) 30,88438,71019,83316,05718,820
Exports of Services (million USD) 4,8184,9493,9933,9964,864

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 33.034.016.422.6n/a
Trade Balance (million USD) 20,4672,868-16,402-4,5625,998
Trade Balance (Including Service) (million USD) -5,599-30,893-32,241-16,622-7,958
Imports of Goods and Services (Annual % Change) 49.227.3-61.944.4n/a
Exports of Goods and Services (Annual % Change) -1.415.0-33.4-32.1n/a
Imports of Goods and Services (in % of GDP) 17.519.88.211.8n/a
Exports of Goods and Services (in % of GDP) 15.514.28.110.7n/a

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 4.9-8.3-4.2-6.82.0
Volume of imports of goods and services (Annual % change) -6.0-6.3-3.8-4.42.7

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Member of Economic Community of West African States (ECOWAS)

Member of Organisation of the Petroleum Exporting Countries (OPEC)

Member of African Union (AU)

The country has signed a trade agreement with 21 other countries in the São Paulo Round of the Global System of Trade Preferences among Developing Countries (GSTP).

 

Main Partner Countries

Main Customers
(% of Exports)
2022
India 12.6%
Spain 12.0%
Netherlands 9.6%
Indonesia 7.4%
United States 7.0%
See More Countries 51.4%
Main Suppliers
(% of Imports)
2022
China 22.7%
Netherlands 10.4%
Belgium 10.3%
India 7.9%
United States 5.6%
See More Countries 43.1%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

63.4 bn USD of products exported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 78.7%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 11.7%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg) 3.0%
Light-vessels, fire-floats, dredgers, floating...Light-vessels, fire-floats, dredgers, floating cranes, and other vessels the navigability of which is subsidiary to their main function; floating docks, floating or submersible drilling or production platforms (excl. fishing vessels and warships) 1.0%
Cocoa beans, whole or broken, raw or roastedCocoa beans, whole or broken, raw or roasted 0.9%
See More Products 4.7%
60.7 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 38.9%
Wheat and meslinWheat and meslin 3.7%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.3%
Taps, cocks, valves and similar appliances for...Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, incl. pressure-reducing valves and thermostatically controlled valves; parts thereof 1.6%
Cane or beet sugar and chemically pure sucrose, in...Cane or beet sugar and chemically pure sucrose, in solid form 1.4%
See More Products 52.0%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Actualitzacions: April 2024

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