Flag Nigeria

Econ Complexity (2018): -1.75, Rank 134 of 137

Product Exports (2018): $59.5B, Rank 50 of 222

Exports Per Capita (2018): $304, Rank 21 of 219

Product Imports (2018): $48.7B, Rank 53 of 221

Imports Per Capita (2018): $248, Rank 32 of 219

Service Exports (2015): $2.74B, Rank 90 of 170

Service Imports (2015): $15.6B, Rank 48 of 170

GDP (2018): $397B, CURRENT US$
Rank 29 of 196

GDP growth (2008 - 2018): 17.9%, CURRENT US$
Rank 130 of 196

GDP PC (2018): $2,028, CURRENT US$
Rank 151 of 196

GDP PC GROWTH (2008 - 2018): -9.57%, CURRENT US$
Rank 169 of 196

Overview: In 2018 Nigeria was the number 29 economy in the world in terms of GDP (current US$), the number 50 in total exports, the number 53 in total imports, and the number 134 most complex economy according to the Economic Complexity Index (ECI). In 2018, Nigeria exported $59.5B and imported $48.7B, resulting in a positive trade balance of $10.9B. In 2018, Nigeria's exports per capita were $304 and its imports per capita were $248.

Trade: The top exports of Nigeria are Crude Petroleum ($44.8B), Petroleum Gas ($8.61B), Refined Petroleum ($940M), Cocoa Beans ($621M), and Gold ($577M). The top imports of Nigeria are Refined Petroleum ($9.95B), Special Purpose Ships ($4B), Wheat ($1.64B), Cars ($1.27B), and Packaged Medicaments ($1.04B).

Destinations: Nigeria exports mostly to India ($10B), Spain ($6.12B), United States ($5.74B), France ($4.02B), and South Africa ($3.87B), and imports mostly from China ($13.4B), Netherlands ($5B), South Korea ($4.76B), Belgium-Luxembourg ($3.37B), and India ($2.76B).

Location: Nigeria borders Benin, Cameroon, Chad, and Niger by land and Equatorial Guinea, Ghana, and Sao Tome and Principe by sea.

Product Exports

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Value
Depth

Top Export (2018): Crude Petroleum, $44.8B

Top Destination (2018): India, $10B

In 2018 Nigeria exported a total of $59.5B, making it the number 50 exporter in the world. During the last five reported years the exports of Nigeria have changed by -$38B from $97.6B in 2013 to $59.5B in 2018.

The most recent exports are led by Crude Petroleum ($44.8B), Petroleum Gas ($8.61B), Refined Petroleum ($940M), Cocoa Beans ($621M), and Gold ($577M). The most common destination for the exports of Nigeria are India ($10B), Spain ($6.12B), United States ($5.74B), France ($4.02B), and South Africa ($3.87B).

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Product Imports

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Value
Depth

Top Import (2018): Refined Petroleum, $9.95B

Top Origin (2018): China, $13.4B

In 2018 Nigeria imported $48.7B, making it the number 53 trade destination in the world. During the last five reported years the imports of Nigeria changed by -$4.05B from $52.7B in 2013 to $48.7B in 2018.

The most recent imports of Nigeria are led by Refined Petroleum ($9.95B), Special Purpose Ships ($4B), Wheat ($1.64B), Cars ($1.27B), and Packaged Medicaments ($1.04B). The most common import partners for Nigeria are China ($13.4B), Netherlands ($5B), South Korea ($4.76B), Belgium-Luxembourg ($3.37B), and India ($2.76B).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Nigeria Exports Services (2015): $2.74B

Nigeria Imports Services (2015): $15.6B

In 2015, Nigeria exported $2.74B worth of services. The top services exported by Nigeria in 2015 were Sea transport ($1.77B), Government services, n.i.e. ($497M), Financial services ($259M), Miscellaneous business, professional, and technical services ($93.2M), and Air transport ($77.9M).

The top services imported by Nigeria in 2015 were Sea transport ($4.29B), Air transport ($3.51B), Miscellaneous business, professional, and technical services ($2B), Government services, n.i.e. ($1.35B), and Business travel ($1.34B).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Nigeria. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Nigeria are Birds' eggs, in shell: fresh, not for incubation, of fowls of the species Gallus domesticus (domestic hens) (35%) and Birds' eggs, in shell: fresh, not for incubation, other than fowls of the species Gallus domesticus (domestic hens) (35%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Nigeria are:
136: Most Favoured Nation duty rate treatement
204: Preferential tariff for Economic Community of West African States (ECOWAS)

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 20 years Nigeria's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨100th to the 134th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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Nigeria has a high level of specialization in Tin Ores (65.5), Scrap Vessels (41.4), Tanned Sheep Hides (35.3), Tanned Goat Hides (31), and Cocoa Beans (20.8). Specialization is measured using RCA, an index that takes the ratio between Nigeria observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Nigeria according to the product complexity index (PCI) are Electrical energy (-0.14), Cocoa paste (-0.58), Metal containing ash or residue except iron or steel (-0.63), Zinc waste or scrap (-0.72), and Fixed veg fat, oil, fractions, not chemically modified (-0.78). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Nigeria according to the relatedness index, are Gold (0.086), Raw Cotton (0.079), Tropical Fruits (0.073), Manganese Ore (0.073), and Aluminium Ore (0.069). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Nigeria is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.