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).

The average yearly import value in Nigeria was around 161000 NGN Millions from around 1980 until 2015, with a height of 1555000 NGN millions at the beginning of 2011 and a low of around 160 NGN Millions in 1984. Nigerian imports are broken down into industrial supplies (around 25%), capital goods (around 20%), food and beverage (15%), fuel and lubricants (around 10%), transport equipment (10%) and consumer goods (5%). Almost half of total imports come from Asia; with a third coming from Europe; around 15% are from America and over 5% from Africa.