2021
Exports | Imports
$41.8B | $5World Rnk 7 / 147
Flag Rnk 1 / 1041
World Rnk 163 / 163
Flag Rnk 1185 / 1185
2021
ECONOMIC COMPLEXITY of Nigeria
-1.56Rnk 126 / 131
2021
PRODUCT COMPLEXITY IN Crude Petroleum
-2.36Rnk 1013 / 1024

About

Exports In 2021, Nigeria exported $41.8B in Crude Petroleum, making it the 7th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 1st most exported product in Nigeria. The main destination of Crude Petroleum exports from Nigeria are: India ($8.11B), Spain ($5.38B), United States ($2.84B), France ($2.55B), and South Africa ($2.17B).

The fastest growing export markets for Crude Petroleum of Nigeria between 2020 and 2021 were India ($2.9B), United States ($1.65B), and Spain ($1.63B).

Imports In 2021, Nigeria imported $5 in Crude Petroleum, becoming the 163rd largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 1185th most imported product in Nigeria. Nigeria imports Crude Petroleum primarily from: Ireland ($5).

The fastest growing import markets in Crude Petroleum for Nigeria between 2020 and 2021 were Ireland ($5).

Latest Trends

Dec 2023

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Crude Petroleum. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2021)$41.8B
IMPORTS (2021)$5
NET TRADE (2021)$41.8B

In 2021, Nigeria exported $41.8B in Crude Petroleum. The main destinations of Nigeria exports on Crude Petroleum were India ($8.11B), Spain ($5.38B), United States ($2.84B), France ($2.55B), and South Africa ($2.17B).

In 2021, Nigeria imported $5 in Crude Petroleum, mainly from Ireland ($5).

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Export Destinations (2021)

Import Origins (2021)

Market Growth

Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR Nigeria WERE (2020 - 2021):
India$2.9B (55.6%)
United States$1.65B (139%)
Spain$1.63B (43.3%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY Nigeria WERE (2020 - 2021):
Germany-$391M (-25.8%)
Norway-$316M (-94.7%)
Thailand-$312M (-31.8%)

Change in Exports by Market (2020 - 2021)

Market Concentration

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Flow
Type
In 2021, Nigeria's main exporting competitors in Crude Petroleum were:
In 2021, Nigeria's main importing competitors in Crude Petroleum were:

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Trade Value of Crude Petroleum by Exporters

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