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2022
Exports $1.04BWorld Rnk 64 / 214
Flag Rnk 4 / 1077
2022
Destination $398M United Kingdom
2021 - 2022
FASTEST GROWING MARKET $398MUnited Kingdom
2022
PRODUCT COMPLEXITY IN Refined Petroleum-0.87Rnk 795 / 1025
2022
Imports $20.7BWorld Rnk 14 / 225
Flag Rnk 1 / 1182
2022
Origin $5.04B Belgium
2021 - 2022
FASTEST GROWING ORIGIN $5.04BBelgium
2022
ECONOMIC COMPLEXITY of Nigeria-1.67Rnk 127 / 133

About

Exports In 2022, Nigeria exported $1.04B in Refined Petroleum, making it the 64th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 4th most exported product in Nigeria. The main destination of Refined Petroleum exports from Nigeria are: United Kingdom ($446M), United States ($254M), Belgium ($183M), Benin ($60.9M), and Brazil ($44.2M).

The fastest growing export markets for Refined Petroleum of Nigeria between 2021 and 2022 were United Kingdom ($398M), Belgium ($109M), and Benin ($26.7M).

Imports In 2022, Nigeria imported $20.7B in Refined Petroleum, becoming the 14th largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 1st most imported product in Nigeria. Nigeria imports Refined Petroleum primarily from: Belgium ($6.83B), Netherlands ($5.61B), India ($2.37B), Norway ($1.64B), and United Kingdom ($923M).

The fastest growing import markets in Refined Petroleum for Nigeria between 2021 and 2022 were Belgium ($5.04B), Netherlands ($1.99B), and India ($1.38B).

Latest Trends

Oct 2024

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 Refined 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 (2022)$1.04B
IMPORTS (2022)$20.7B
NET TRADE (2022)-$19.7B

In 2022, Nigeria exported $1.04B in Refined Petroleum. The main destinations of Nigeria exports on Refined Petroleum were United Kingdom ($446M), United States ($254M), Belgium ($183M), Benin ($60.9M), and Brazil ($44.2M).

In 2022, Nigeria imported $20.7B in Refined Petroleum, mainly from Belgium ($6.83B), Netherlands ($5.61B), India ($2.37B), Norway ($1.64B), and United Kingdom ($923M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR Nigeria WERE (2021 - 2022):
United Kingdom$398M (828%)
Belgium$109M (148%)
Benin$26.7M (77.9%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY Nigeria WERE (2021 - 2022):
United States-$123M (-32.7%)
Germany-$39.3M (-81.7%)
Netherlands-$28.3M (-99.9%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Nigeria's main exporting competitors in Refined Petroleum were:
United States $138B
India $86.2B
Netherlands $68.1B
In 2022, Nigeria's main importing competitors in Refined Petroleum were:
United States $81.7B
Singapore $58.5B
Netherlands $51.1B

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Trade Value of Refined Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALUnited States+ $433M
TOP IMPORT POTENTIALIndia+ $975M

Refined Petroleum’s highest export potential is United States. With an export gap of $433M.   Refined Petroleum’s highest import potential is India with an import gap of $975M.

See methodology.

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