Exporting to Nigeria

Nigeria Export Guide | Trade Finance Global

Exporting to Nigeria

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 Country Profile

Official Name (Local Language) Federal Republic of Nigeria
Capital Abuja
Population 219,463,862
Currency Nigerian Naira
GDP $1,013.53 billion
Languages English; Hausa; Yoruba; Igbo; Fulani
Telephone Dial In 234

Nigeria Imports Profile

Imports ($m USD)

31,270

Number of Import Products

4,010

Number of Import Partners

199

Top 5 import partners

Country

Trade

% Partner Share

China

5,848

18.70

Belgium

4,023

12.86

Netherlands

2,876

9.20

United States

2,494

7.98

India

1,529

4.89

Top 5 Import Products at HS 6 digit level

Export Product

Number

Petroleum oils, etc, (excl. crude); preparation

27.4%

Durum wheat

4.3%

Granite, merely cut into a square or rectangula

2.3%

Raw cane sugar, in solid form

1.9%

Automobiles with diesel engine displacing more

1.9%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Nigeria

Agriculture

%

Product List

1.7%

Barley, wheat, sugar beets; meat, milk

Industry

%

Industry List

34.2%

Iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles

Services

%

Services List

64%

Exporting to Nigeria: What is trade finance?

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.

Information

Exporting from Nigeria? Contact our local experts

Nigeria Economic Statistics

Government Website

https://statehouse.gov.ng/

Sovereign Ratings

https://countryeconomy.com/ratings/nigeria

Central Bank

Central Bank of Nigeria

Currency USD Exchange Rate

383.5

Unemployment Rate

16.5%

Population below poverty line

40.1%

Inflation Rate

11.3%

Prime Lending Rate

15.4%

GDP

$1,013.53 billion

GDP Pro Capita (PPP)

$4,900

Currency Name

Nigerian Naira

Currency Code

NGN

World Bank Classification

Lower Middle Income

Competitive Industrial Performance

116/141

Corruption Perceptions Index

154/180

Ease of Doing Business

131/191

Enabling Trade Index

127/136

Currency in Nigeria

About the Author

Brian Canup is the Business Development Executive at Trade Finance Global (TFG).

Brian holds a BA in Political Science from the University of Wisconsin-Madison and an MA in International Political Economy from King’s College London.

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