Refined Petroleum in Nigeria 2021 Exports | Imports : $667M | $11.3B, World Rnk 61 / 218 Rnk 5 / 1041 | World Rnk 18 / 226 Rnk 1 / 1185
2020 - 2021 FASTEST GROWING MARKET | FASTEST GROWING ORIGIN: $209M | $596M, United States | Netherlands
2021 ECONOMIC COMPLEXITY of Nigeria: -1.56, Rnk 126 / 131
2021 PRODUCT COMPLEXITY IN Refined Petroleum: -0.92, Rnk 817 / 1029
Exports In 2021, Nigeria exported $667M in Refined Petroleum, making it the 61st largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 5th most exported product in Nigeria. The main destination of Refined Petroleum exports from Nigeria are: United States ($378M), Belgium ($76.6M), Germany ($48M), United Kingdom ($48M), and Benin ($34.1M).
The fastest growing export markets for Refined Petroleum of Nigeria between 2020 and 2021 were United States ($209M), Brazil ($12.9M), and Malaysia ($9.4M).
Imports In 2021, Nigeria imported $11.3B in Refined Petroleum, becoming the 18th 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: Netherlands ($3.62B), Belgium ($1.78B), Norway ($1.2B), India ($992M), and United Kingdom ($760M).
The fastest growing import markets in Refined Petroleum for Nigeria between 2020 and 2021 were Netherlands ($596M), India ($576M), and Norway ($549M).
Tariffs In 2016, the average tariff for Nigeria in Refined Petroleum was 7.4%. The countries with the highest import tariffs for Refined Petroleum were Angola (Most Favoured Nation duty rate treatment, 7.83%), Burundi (Most Favoured Nation duty rate treatment, 7.83%), Botswana (Most Favoured Nation duty rate treatment, 7.83%), Central African Republic (Most Favoured Nation duty rate treatment, 7.83%), and Cameroon (Most Favoured Nation duty rate treatment, 7.83%).
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.
EXPORTS (2021): $667M
IMPORTS (2021): $11.3B
NET TRADE (2021): -$10.6B
In 2021, Nigeria exported $667M in Refined Petroleum. The main destinations of Nigeria exports on Refined Petroleum were United States ($378M), Belgium ($76.6M), Germany ($48M), United Kingdom ($48M), and Benin ($34.1M).
In 2021, Nigeria imported $11.3B in Refined Petroleum, mainly from Netherlands ($3.62B), Belgium ($1.78B), Norway ($1.2B), India ($992M), and United Kingdom ($760M).
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR Nigeria WERE (2020 - 2021):
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY Nigeria WERE (2020 - 2021):
In 2021, Nigeria's main exporting competitors in Refined Petroleum were:
In 2021, Nigeria's main importing competitors in Refined Petroleum were:
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