The main exports from Nigeria are oil and natural gas. Destinations of Nigeria are India (around $12B), Spain (under $7B) Brazil (under $10B), United States (around $10B) and the Netherlands (around $5B). The main exports of Nigeria are crude petroleum (around $75B), petroleum gas (around $10B), refined petroleum (around $3B), cocoa beans (around $560M) and special purpose ships (around $460M).
Nigeria sits on the borders Cameroon, Niger, Benin and Chad by land and Sao Tome, Ghana, Equitorial Guinea and Principe by sea. The country exports over 2.2 million barrels of oil a day and ranks eighth in the world, with agricultural production being the second largest export and employing over 70% of the workforce. On average, Nigeria has around 35 billion barrels of oil reserves. The total exports from the country sit at around US$45 billion with major items of export being oil products and timber. The US and UK are the main trading partners for Nigerian exports. The trade balance changes with the fluctuating oil price and Nigeria’s import trade is able to balance export revenue. The country’s imports grosses around US$42 billion. The main imports are heavy equipment, machinery, consumer goods and food products. Many imports come from the EU, mainly the UK, Netherlands, Germany and France. South Korea, China and the US are major import trade partners. There are many companies that operate in Nigeria, which include Unilever, Diageo, Shell, Virgin Atlantic, British Gas and Cadbury.
Exporting to Nigeria? Contact our local experts
Importing from Nigeria? Contact our local experts