Nigeria: Economic and Political Overview
EconomyTrade FiguresGovernment & PoliticsCOVID-19
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 | 2019 | 2020 | 2021 | 2022 | 2023 |
| Imports of Goods (million USD) | 55,257 | 35,740 | 51,880 | 60,351 | 45,946 |
| Exports of Goods (million USD) | 62,531 | 35,634 | 46,871 | 63,075 | 57,890 |
| Imports of Services (million USD) | 38,710 | 19,833 | 16,057 | 18,820 | 0 |
| Exports of Services (million USD) | 4,949 | 3,993 | 3,996 | 4,864 | 0 |
Source: World Trade Organisation (WTO) ; Latest available data
| Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
| Foreign Trade (in % of GDP) | 33.0 | 34.0 | 16.4 | 22.6 | n/a |
| Trade Balance (million USD) | 20,467 | 2,868 | -16,402 | -4,562 | 5,998 |
| Trade Balance (Including Service) (million USD) | -5,599 | -30,893 | -32,241 | -16,622 | -7,958 |
| Imports of Goods and Services (Annual % Change) | 49.2 | 27.3 | -61.9 | 44.4 | n/a |
| Exports of Goods and Services (Annual % Change) | -1.4 | 15.0 | -33.4 | -32.1 | n/a |
| Imports of Goods and Services (in % of GDP) | 17.5 | 19.8 | 8.2 | 11.8 | n/a |
| Exports of Goods and Services (in % of GDP) | 15.5 | 14.2 | 8.1 | 10.7 | n/a |
Source: World Bank ; Latest available data
| Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
|---|---|---|---|---|---|
| Volume of exports of goods and services (Annual % change) | 4.9 | -8.3 | -4.2 | -6.8 | 2.0 |
| Volume of imports of goods and services (Annual % change) | -6.0 | -6.3 | -3.8 | -4.4 | 2.7 |
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, co*cks, valves and similar appliances for...Taps, co*cks, 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
| 4.9 bn USD of services exported in 2022 | |
TransportationTransportation | 41.59% |
TravelTravel+ | 23.17% |
Financial servicesFinancial services | 16.51% |
Government servicesGovernment services | 9.37% |
Computer and information servicesComputer and information services | 5.41% |
Insurance servicesInsurance services | 2.27% |
Other business servicesOther business services | 1.68% |
| 18.8 bn USD of services imported in 2022 | |
TransportationTransportation | 46.78% |
TravelTravel+ | 21.49% |
Other business servicesOther business services | 19.59% |
Insurance servicesInsurance services | 3.72% |
Computer and information servicesComputer and information services | 2.97% |
Financial servicesFinancial services | 2.29% |
Government servicesGovernment services | 1.70% |
Royalties and license feesRoyalties and license fees | 1.34% |
Cultural and recreational servicesCultural and recreational services | 0.10% |
Construction servicesConstruction services | n/a% |
Source: United Nations Statistics Division,2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Latest Update: May 2024
