Nigeria is the 49th largest export economy in the world and the 140th most complex economy according to the Economic Complexity Index (ECI). In 2015, Nigeria exported $47.8B and imported $39.5B, resulting in a positive trade balance of $8.26B. In 2015 the GDP of Nigeria was $481B and its GDP per capita was $6k.
The top exports as reported by The National Bureau of Statistics on foreign trade for Nigeria in a paper released 2015:
- Petro.oils and oils obtained from bituminous minerals, crude ($2,121,410,080,892.00)
- Natural gas, liquefied ($260,699,763,637.00)
- Petroleum gases and other gaseous hydrocarbons, liquefied ($66,441,376,215.00)
- Propane, liquefied ($43,879,454,959.10)
- Sesame seeds ($21,781,746,959.00)
- Partially refined oil including crude oil having undergone primary refinement ($13,577,043,000.00)
- Cashew nuts, in shell,fresh or dried ($8,759,822,113.00)
- Butanes, liquefied ($6,149,397,796.00)
- Leather further prepared after tanning or… of goats or kids ($4,929,737,824.00)
- Cigarettes containing tobacco ($4,886,734,105.00)
- Urea ($4,030,992,527.00)
- Frozen shrimps and prawns ($3,474,216,454.00)
- Aluminium alloys, unwrought ($2,982,760,465.00)
- Cocoa paste, wholly or partly defatted ($2,967,008,529.00)
- Broken cocoa beans ($2,844,108,503.00)
The top imports also referencing the same report as above are:
- Motor Spirit Ordinary ($140,521,551,306.00)
- Spelt, common wheat and meslin ($42,489,526,639.00)
- Machine-tools for working stone, ceramics, concrete, etc ($27,761,095,339.00)
- Imported motorcycles and cycles,imported CKD by estab manuf >50cc<=250cc
- Semi-milled or wholly milled rice >5kg or bulk (investors with rice milling capability) ($425,377,257,508.00)
- Raw cane sugar, in solid form ($25,123,246,631.00)
- Durum wheat ($19,336,983,814.00)
- Herbicides, ant-sprouting products and plant- growth regulators ($17,016,192,296.00)
- Unused postage, revenue or similar stamps of current or new issue in the country ($14,943,187,607.00)
- Frozen cod (excl. livers and roes) ($13,134,452,981.00)
- Mixtures of odoriferous substances Of a kind used in the food or drink industries ($13,080,112,460.00)
- Other crude palm oil ($11,226,284,960.00)
- Milk&cream in powder>1.5%fat not contain sweetening matter ($11,042,456,419.00)
- Frozen mackerel 10,864,448,307.00
- Reaction initiators, accelerators and catalytic preparations ($10,701,610,135.00)
The top Export destinations of Nigeria are:
- India ($9.1B),
- Spain ($4.63B),
- South Africa ($4.58B),
- Brazil ($4.14B) and the
- Netherlands ($3.37B).
The top Import origins
Imports to Nigeria increased 49.5 percent year-on-year to NGN 758772.7 in December of 2016. Considering the fourth quarter of 2016, imports rose 46.4 percent to NGN 2307.6 billion.
Main import partners were
- China (17.5 %)
- Belgium (15.4 %)
- Netherlands (10 %)
- The United States of America (8.9 %)
Imports in Nigeria averaged 180079.15 NGN Millions from 1981 until 2016, reaching an all time high of 1554732.90 NGN Millions in March of 2011 and a record low of 167.88 NGN Millions in May of 1984.
Nigeria borders Benin, Cameroon, Niger and Chad by land and Ghana, Equatorial Guinea and Sao Tome and Principe by sea.
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