Importing from Nigeria

Nigeria Import Guide | Trade Finance Global

Importing from Nigeria

In recent years, Nigeria’s Gross Domestic Product (GDP) growth averaged around 7% and become the largest economy In Africa. Nigeria is the second largest African economy, fourty first largest export economy in the world and is the 119th most complex economy according to the Economic Complexity Index (ECI). On average, Nigeria exported around $95B and imported over $50B, which resulted in a positive trade balance of around $45B. The GDP of Nigeria is around $520B and its GDP per capita is over $5k.

Its main imports into Nigeria are refined petroleum (around $9B), cars (under $2B), wheat (almost $1.5B), rolled tobacco (over $1.2B) and special purpose ships (over $1B). The import countries are China (around $11B), US (under $6B), the Netherlands ($3.5B), Belgium-Luxembourg (around $3B) and India (over $2.5B).

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 Exports Profile

Exports ($m USD)

34,900

Number of Export Products

359

Number of Export Partners

115

Top 5 export partners

Country

Trade

% Partner Share

India

5,241

15.02

Spain

3,796

10.88

Netherland

2,988

8.56

South Africa

2,654

7.60

China

1,766

5.06

Top 5 Export Products at HS 6 digit level

Export Product

Number

Petroleum oils and oils obtained from bituminou

81.1%

Natural gas, liquefied

13.9%

Petroleum gases and other gaseous hydrocarbons

0.4%

Petroleum gases and other gaseous hydrocarbons,

0.4%

Cocoa beans, whole or broken, raw or roasted

0.4%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Nigeria

Agriculture

%

Product List

21.1%

cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (manioc, tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish

Industry

%

Product List

19.4

crude oil, coal, tin, columbite; rubber products, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertiliser, printing, ceramics, steel

Services

%

Services List

59.5%

Importing from Nigeria: What is trade finance?

Nigeria has the largest African economy – in close competition with South Africa – and a population of 180 million people. The country lies among the top 30 economies in the world based on GDP volume. The country depends on oil revenues and is therefore very vulnerable to variation in crude oil prices and production level. After growing around 5% between 2010 and 2014 and 2.7% in 2015, Nigeria’s economy contracted by 1.6% in 2016, affected by the drop in barrel price and the sabotage of oil infrastructures in the Niger Delta. Nigeria recovered from recession in 2017 (+0.8%), the growth being mainly driven by the recovery in oil production. This timid recovery should confirm in 2018 (growth of 2.1% of the GDP according to IMF), mainly supported by oil sector.

Information

Importing 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

GDP Composition for 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 at King’s College London.

Back to Top