2022
Flag  
GDP
$477BCURRENT US$
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2012-2022
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GDP GROWTH
2.89%CURRENT US$
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2022
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 GDP
$27.8BCURRENT US$
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2012-2022
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GDP GROWTH
88.7%CURRENT US$
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2022
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GDP PC 
$2,184CURRENT US$
Rnk 146 / 186
2012-2022
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GDP PC GROWTH
-19.9%CURRENT US$
Rnk 173 / 186
2022
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GDP PC
$72,903CURRENT US$
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2012-2022
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GDP PC GROWTH
58.5%CURRENT US$
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About

Nigeria-Iceland Trade: In 2022, Nigeria exported $23.9k to Iceland. The main products that Nigeria exported to Iceland were Sawn Wood ($7.72k), Fake Hair ($2.27k), and Beauty Products ($2.24k). Over the past 5 years the exports of Nigeria to Iceland have decreased at an annualized rate of 63.8%, from $3.85M in 2017 to $23.9k in 2022.

In 2022, Nigeria did not export any services to Iceland.

Iceland-Nigeria Trade: In 2022, Iceland exported $69.3M to Nigeria. The main products that Iceland exported to Nigeria were Dried/Salted/Smoked/Brined Fish ($66.8M), Animal Food ($788k), and Other Inedible Animal Products ($497k). Over the past 5 years the exports of Iceland to Nigeria have increased at an annualized rate of 5.7%,  from $52.5M in 2017 to $69.3M in 2022.

In 2019, Iceland exported services to Nigeria worth $112k, with Travel ($112k) being the largest in terms of value.

Comparison In 2022,  Nigeria ranked 127 in the Economic Complexity Index (ECI -1.67),  and 51 in total exports ($70.7B). That same year, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Nigeria exported $23.9k to Iceland. The main products exported from Nigeria to Iceland were Sawn Wood ($7.72k), Fake Hair ($2.27k), and Beauty Products ($2.24k). During the last 5 years the exports of Nigeria to Iceland have decreased at an annualized rate of 63.8%, from $3.85M in 2017 to $23.9k in 2022.

In 2017, Iceland exported $69.3M to Nigeria. The main products exported from Iceland to Nigeria were Dried/Salted/Smoked/Brined Fish ($66.8M), Animal Food ($788k), and Other Inedible Animal Products ($497k). During the last 5 years the exports of Iceland to Nigeria have increased at an annualized rate of 5.7%, from $52.5M in 2022 to $69.3M in 2017.

Exports from Nigeria (Flag) to Iceland (Flag) (2022)

Exports from Iceland (Flag) to Nigeria (Flag) (2022)

Latest Data

Trade between Nigeria (Flag) and Iceland (Flag)

Nigeria Exports

Iceland Exports

Market Competitiveness

Color
Nigeria
Top Destination
Spain$9.41B
Iceland
Top Destination
Netherlands$1.97B

This map shows whether countries import more from Nigeria or Iceland. Each country is colored based on the difference in imports they receive from Nigeria and Iceland or the difference in the growth in imports.

In 2022, countries that imported more from Nigeria than Iceland included Spain ($9.41B), India ($8.2B), and France ($4.95B).

In 2022, countries that imported more from Iceland than Nigeria included Norway ($459M), Denmark ($257M), and Czechia ($106M).

Difference in imports from Iceland (Flag) and Nigeria (Flag) (2022)

Comparative Advantage Nigeria - Iceland

Flow
Scale

This chart compares trade between Nigeria and Iceland by product, considering products traded by both, Nigeria and Iceland.

During 2022, Nigeria had a large net trade with Iceland in the exports of Wood Products ($7.72k), Foodstuffs ($3.32k), and Chemical Products ($3.1k).

During 2017, Iceland had a large net trade with Nigeria in the exports of Animal Products ($67.4M), Foodstuffs ($1.31M), and Machines ($257k).

Bilateral Service Trade

In 2019, Iceland exported services to Nigeria worth $112k, with Travel ($112k) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Iceland (Flag) to Nigeria (Flag) (2019)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Nigeria and Iceland. This means that a dot/product with the flag of Nigeria indicates it has a comparative advantage over Iceland. Similarly, a dot/product with the flag of Iceland indicates it has a comparative advantage over Nigeria.

Product Space of Nigeria (Flag) and Iceland (Flag) (2022)

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