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)Konungariket Sverige
CapitalStockholm
Population9,880,604
CurrencySwedish Krona
GDP$511.4 billion
LanguagesSwedish
Telephone Dial In46

Nigeria Exports Profile

Exports ($m USD)

44,466

Number of Export Products

328

Number of Export Partners

116

Top 5 export partners

Country

Trade

% Partner Share

India

7,938

17.85

United States

5,672

12.76

Spain

4,401

9.90

Netherlands

3,766

8.47

France

3,411

7.67

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

1.7%

Barley, wheat, sugar beets; meat, milk

Industry

%

Product 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

0,64

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

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Nigeria Economic Statistics

Government Website

https://www.regeringen.se/

Sovereign Ratings

https://countryeconomy.com /ratings/sweden

Central Bank

Sveriges Riksbank

Currency USD Exchange Rate

8569

Unemployment Rate

6.9%

Population below poverty line

0,15

Inflation Rate

0,01

Prime Lending Rate

-0.5%

GDP

$511.4 billion

GDP Pro Capita (PPP)

$49,700

Currency Name

Swedish Krona

Currency Code

SEK

World Bank Classification

High Income

Competitive Industrial Performance

6/138

Corruption Perceptions Index

6/180

Ease of Doing Business

12/190

Enabling Trade Index

5/136

GDP Composition for Nigeria

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