Nigeria2020 Economic Complexity : -1.65, Rank 125 of 127
2020 Product Exports | Imports: $42.4B | $52B, 50 of 226 | 48 of 226
2020 Per Capita Product Exports | Imports: $206 | $252, 177 of 219 | 196 of 219
2019 Service Exports | Imports : $4.95B | $38.7B, 39 of 69 | 13 of 69
Overview In 2020 Nigeria was the number 26 economy in the world in terms of GDP (current US$), the number 50 in total exports, the number 48 in total imports, the number 148 economy in terms of GDP per capita (current US$) and the number 125 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Nigeria are Crude Petroleum ($30B), Petroleum Gas ($5.89B), Scrap Vessels ($1.29B), Special Purpose Ships ($775M), and Refined Petroleum ($613M), exporting mostly to India ($6.27B), Spain ($4.8B), China ($2.54B), Netherlands ($2.24B), and South Africa ($2.17B).
In 2020, Nigeria was the world's biggest exporter of Scrap Vessels ($1.29B)
Imports The top imports of Nigeria are Refined Petroleum ($7.75B), Cars ($3.03B), Wheat ($2.15B), Packaged Medicaments ($1.38B), and Telephones ($771M), importing mostly from China ($17.4B), Netherlands ($4.58B), United States ($4.49B), India ($3.46B), and Belgium ($1.99B).
In 2020, Nigeria was the world's biggest importer of Artificial Filament Tow ($188M), Embroidery ($143M), Potato Flours ($102M), Matches ($16.3M), and Phosphides ($44k)
Location Nigeria borders Benin, Cameroon, Chad, and Niger by land and Equatorial Guinea, Ghana, and Sao Tome and Principe by sea.
The following section uses the most recent trade data from partners of Nigeria.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Crude Petroleum, $30B
Top Destination (2020): India, $6.27B
In 2020, Nigeria exported a total of $42.4B, making it the number 50 exporter in the world. During the last five reported years the exports of Nigeria have changed by -$16.4B from $58.9B in 2015 to $42.4B in 2020.
The most recent exports are led by Crude Petroleum ($30B), Petroleum Gas ($5.89B), Scrap Vessels ($1.29B), Special Purpose Ships ($775M), and Refined Petroleum ($613M). The most common destination for the exports of Nigeria are India ($6.27B), Spain ($4.8B), China ($2.54B), Netherlands ($2.24B), and South Africa ($2.17B).
Top Import (2020): Refined Petroleum, $7.75B
Top Origin (2020): China, $17.4B
In 2020 Nigeria imported $52B, making it the number 48 trade destination in the world. During the last five reported years the imports of Nigeria changed by $9.57B from $42.4B in 2015 to $52B in 2020.
The most recent imports of Nigeria are led by Refined Petroleum ($7.75B), Cars ($3.03B), Wheat ($2.15B), Packaged Medicaments ($1.38B), and Telephones ($771M). The most common import partners for Nigeria are China ($17.4B), Netherlands ($4.58B), United States ($4.49B), India ($3.46B), and Belgium ($1.99B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Nigeria Exports Services (2019): $4.95B
Nigeria Imports Services (2019): $38.7B
In 2019, Nigeria exported $4.95B worth of services. The top services exported by Nigeria in 2019 were Transportation ($1.97B), Personal travel ($1.45B), Financial services ($685M), Government services, n.i.e. ($463M), and Computer and information services ($212M).
The top services imported by Nigeria in 2019 were Other business services ($16B), Personal travel ($11.9B), Transportation ($6.85B), Business travel ($1.58B), and Insurance services ($987M).
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 (223), Tin Ores (52.6), Tanned Sheep Hides (36.9), Other Oily Seeds (28.2), and Cocoa Beans (22.6). 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 Articles of zinc nes (0.62), Derricks, cranes, straddle carriers, crane trucks (0.26), Floating structures nes (rafts, stages, buoys/beacons) (-0.43), Articles of pearls, precious or semi-precious stones (-0.49), and Metal containing ash or residue except iron or steel (-0.57). 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 Manganese Ore (0.11), Gold (0.099), Raw Cotton (0.09), Palm Oil (0.084), and Tropical Fruits (0.08). 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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Nigeria's economy has become relatively less complex, moving from the 89th to the 125th 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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