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2022
Exports $52.1BWorld Rnk 9 / 149
Flag Rnk 1 / 1077
2022
Destination $1.73B India
2021 - 2022
FASTEST GROWING MARKET $1.73BIndonesia
2022
PRODUCT COMPLEXITY IN Crude Petroleum-2.25Rnk 1011 / 1025
2022
Imports $412World Rnk 152 / 158
Flag Rnk 1173 / 1182
2022
Origin $412 Slovenia
2021 - 2022
FASTEST GROWING ORIGIN $412Slovenia
2022
ECONOMIC COMPLEXITY of Nigeria-1.67Rnk 127 / 133

About

Exports In 2022, Nigeria exported $52.1B in Crude Petroleum, making it the 9th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 1st most exported product in Nigeria. The main destination of Crude Petroleum exports from Nigeria are: India ($7.35B), Spain ($6.72B), France ($4.18B), United States ($4.02B), and Netherlands ($3.8B).

The fastest growing export markets for Crude Petroleum of Nigeria between 2021 and 2022 were Indonesia ($1.73B), Netherlands ($1.67B), and France ($1.63B).

Imports In 2022, Nigeria imported $412 in Crude Petroleum, becoming the 152nd largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 1173rd most imported product in Nigeria. Nigeria imports Crude Petroleum primarily from: Slovenia ($412).

The fastest growing import markets in Crude Petroleum for Nigeria between 2021 and 2022 were Slovenia ($412).

Latest Trends

Oct 2024

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Crude Petroleum. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$52.1B
IMPORTS (2022)$412
NET TRADE (2022)$52.1B

In 2022, Nigeria exported $52.1B in Crude Petroleum. The main destinations of Nigeria exports on Crude Petroleum were India ($7.35B), Spain ($6.72B), France ($4.18B), United States ($4.02B), and Netherlands ($3.8B).

In 2022, Nigeria imported $412 in Crude Petroleum, mainly from Slovenia ($412).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR Nigeria WERE (2021 - 2022):
Indonesia$1.73B (89.9%)
Netherlands$1.67B (78.9%)
France$1.63B (64%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY Nigeria WERE (2021 - 2022):
India-$761M (-9.38%)
China-$712M (-70.4%)
Poland-$691M (-78%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Nigeria's main exporting competitors in Crude Petroleum were:
Saudi Arabia $236B
Russia $133B
Canada $123B
In 2022, Nigeria's main importing competitors in Crude Petroleum were:
China $287B
United States $199B
India $170B

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Trade Value of Crude Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALIndia+ $3.77B
TOP IMPORT POTENTIALSaudi Arabia+ $1.47k

Crude Petroleum’s highest export potential is India. With an export gap of $3.77B.   Crude Petroleum’s highest import potential is Saudi Arabia with an import gap of $1.47k.

See methodology.

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