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.
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.
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.
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).
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.
*The tariffs applied to imports for Nigeria are:136: Most Favoured Nation duty rate treatement204: Preferential tariff for Economic Community of West African States (ECOWAS)
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.
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.
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.
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.
Nigeria
