Nigeria2019 Economic Complexity : -1.6, Rank 140 of 146
2019 Product Exports | Imports: $63.8B | $52.5B, 47 of 225 | 50 of 225
2019 Per Capita Product Exports | Imports: $318 | $261, 172 of 219 | 194 of 219
2015 Service Exports | Imports : $2.74B | $15.6B, 90 of 170 | 48 of 170
Overview: In 2019 Nigeria was the number 25 economy in the world in terms of GDP (current US$), the number 47 in total exports, the number 50 in total imports, the number 140 economy in terms of GDP per capita (current US$) and the number 140 most complex economy according to the Economic Complexity Index (ECI).
Exports: The top exports of Nigeria are Crude Petroleum ($46B), Petroleum Gas ($7.78B), Scrap Vessels ($2.26B), Flexible Metal Tubing ($2.1B), and Cocoa Beans ($715M), exporting mostly to India ($10.5B), Spain ($6.32B), United States ($4.68B), France ($4.37B), and Ghana ($4.04B).
In 2019, Nigeria was the world's biggest exporter of Scrap Vessels ($2.26B) and Flexible Metal Tubing ($2.1B)
Imports: The top imports of Nigeria are Refined Petroleum ($10B), Cars ($1.57B), Wheat ($1.48B), Laboratory Glassware ($1.45B), and Packaged Medicaments ($1.32B), importing mostly from China ($15.5B), Netherlands ($5.91B), India ($3.76B), United States ($3.22B), and Belgium ($2.81B).
In 2019, Nigeria was the world's biggest importer of Laboratory Glassware ($1.45B), Postage Stamps ($713M), Embroidery ($156M), Jute and Other Textile Fibers ($75.2M), and Typewriters ($194k)
Location: Nigeria borders Benin, Cameroon, Chad, and Niger by land and Equatorial Guinea, Ghana, and Sao Tome and Principe by sea.
Top Export (2019): Crude Petroleum, $46B
Top Destination (2019): India, $10.5B
In 2019, Nigeria exported a total of $63.8B, making it the number 47 exporter in the world. During the last five reported years the exports of Nigeria have changed by -$39.5B from $103B in 2014 to $63.8B in 2019.
The most recent exports are led by Crude Petroleum ($46B), Petroleum Gas ($7.78B), Scrap Vessels ($2.26B), Flexible Metal Tubing ($2.1B), and Cocoa Beans ($715M). The most common destination for the exports of Nigeria are India ($10.5B), Spain ($6.32B), United States ($4.68B), France ($4.37B), and Ghana ($4.04B).
Top Import (2019): Refined Petroleum, $10B
Top Origin (2019): China, $15.5B
In 2019 Nigeria imported $52.5B, making it the number 50 trade destination in the world. During the last five reported years the imports of Nigeria changed by -$4.9B from $57.4B in 2014 to $52.5B in 2019.
The most recent imports of Nigeria are led by Refined Petroleum ($10B), Cars ($1.57B), Wheat ($1.48B), Laboratory Glassware ($1.45B), and Packaged Medicaments ($1.32B). The most common import partners for Nigeria are China ($15.5B), Netherlands ($5.91B), India ($3.76B), United States ($3.22B), and Belgium ($2.81B).
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).
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.
*The tariffs applied to imports for Nigeria are:
Nigeria has a high level of specialization in Scrap Vessels (213), Flexible Metal Tubing (133), Tin Ores (52), Tanned Sheep Hides (25.7), and Tanned Goat Hides (24.9). Specialization is measured using RCA, an index that takes the ratio between Nigeria observed and expected exports in each product.
The highest complexity exports of Nigeria according to the product complexity index (PCI) are Flexible tubing of base metal (0.06), Metal containing ash or residue except iron or steel (-0.46), Floating structures nes (rafts, stages, buoys/beacons) (-0.49), Cocoa paste (-0.59), and Cigars, cigarettes etc, tobacco or tobacco substitute (-0.77). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Nigeria according to the relatedness index, are Gold (0.081), Manganese Ore (0.076), Aluminium Ore (0.067), Raw Cotton (0.065), and Dried Legumes (0.063). 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.
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.
During the last 20 years Nigeria's economy has become relatively less complex, moving from the 102nd to the 140th 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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