Nigeria is the world’s 48th largest importer and the world’s 26th largest economy (in terms of GDP). Nigeria’s economy has grown substantially in recent years, and is now classified as a lower-middle income country by the IMF. Numerous Non-Governmental Agencies (NGOs) expect this trend to continue, in the coming years.
Nigeria has the largest population in Africa, with over 206 million residents. Nigeria’s growth prospects are increasingly positive, in part because of the highly educated population, and offers a roadmap for other developing countries.
|Official Name (Local Language)||Federal Republic of Nigeria||Capital||Abuja||Population||206,463,862||Currency||Nigerian Naira||GDP||$1,013.53 billion||Languages||English; Hausa; Yoruba; Igbo; Fulani||Telephone Dial In||234|
% Partner Share
Petroleum oils, etc, (excl. crude); preparation
Granite, merely cut into a square or rectangula
Raw cane sugar, in solid form
Automobiles with diesel engine displacing more
Barley, wheat, sugar beets; meat, milk
Iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles
Export finance is a revolving facility which lenders offer financing options– it enables businesses to buy goods and can help ease cash flow problems.
Often, an alternative financier will fund all of the cost of the goods, including charges (e.g. taxes).
Trade finance offers benefits over more traditional bank funding such as bridging mortgages or business loans. Trade finance provides quick funding without affecting existing bank relationships.
How does it work?
If you’re a company importing or exporting goods around the world, then a trade finance facility would help you to fund this through offering a LC (letter of credit) or some form of cash advance.
I’m looking to export to Nigeria, how can Trade Finance Global help, and how does it work?
If you’re looking to export inventory to other countries, you may require finance for exporting, which is a commercial agreement between you (the exporter), and the importer. An alternative financier will advance you the cost of producing the stock supplies that you are exporting (as a loan), either once you have sent the goods, or before producing them. Once the importer has received the stock supplies and pays you for the import, you will repay the advance from the export bank over an agreed period.
Exporting from Nigeria? Contact our local experts
Nigeria Economic Statistics
Central Bank of Nigeria
Lower Middle Income
Currency in Nigeria