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 | $38.7B, 68 of 108 | 30 of 108
Overview In 2020, Nigeria was the number 26 economy in the world in terms of GDP (current US$), the number 50 in total exports, the number 48 in total imports, the number 157 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.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*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, $17.4B
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).
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).
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 Other Zinc Products (0.62), Cranes (0.26), Other Floating Structures (-0.43), Pearl Products (-0.49), and Non-Iron and Steel Slag, Ash and Residues (-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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