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2023
Exports $43.5BWorld Rnk 9 / 150
Flag Rnk 1 / 1096
2023
Destination $798M United States
2022 - 2023
FASTEST GROWING MARKET $798MCanada
2023
PRODUCT COMPLEXITY IN Crude Petroleum-2.37Rnk 1015 / 1025
2023
Imports $2.03MWorld Rnk 92 / 159
Flag Rnk 711 / 1184
2023
Origin $2.03M Senegal
2022 - 2023
FASTEST GROWING ORIGIN $2.03MSenegal
2023
ECONOMIC COMPLEXITY of Nigeria-1.75Rnk 129 / 132

About

Exports In 2023, Nigeria exported $43.5B 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: United States ($4.73B), France ($4.38B), Netherlands ($3.73B), Spain ($3.64B), and Indonesia ($3.32B).

The fastest growing export markets for Crude Petroleum of Nigeria between 2022 and 2023 were Canada ($798M), United States ($695M), and Senegal ($559M).

Imports In 2023, Nigeria imported $2.03M in Crude Petroleum, becoming the 92nd largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 711th most imported product in Nigeria. Nigeria imports Crude Petroleum primarily from: Senegal ($2.03M) and France ($230).

The fastest growing import markets in Crude Petroleum for Nigeria between 2022 and 2023 were Senegal ($2.03M) and France ($230).

Latest Trends

Dec 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 (2023)$43.5B
IMPORTS (2023)$2.03M
NET TRADE (2023)$43.5B

In 2023, Nigeria exported $43.5B in Crude Petroleum. The main destinations of Nigeria exports on Crude Petroleum were United States ($4.73B), France ($4.38B), Netherlands ($3.73B), Spain ($3.64B), and Indonesia ($3.32B).

In 2023, Nigeria imported $2.03M in Crude Petroleum, mainly from Senegal ($2.03M) and France ($230).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR Nigeria WERE (2022 - 2023):
Canada$798M (73.2%)
United States$695M (17.2%)
Senegal$559M (142%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY Nigeria WERE (2022 - 2023):
India-$4.56B (-61.9%)
Spain-$3.11B (-46%)
South Korea-$1.02B (-93.9%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Nigeria's main exporting competitors in Crude Petroleum were:
Saudi Arabia $181B
United States $125B
Russia $122B
In 2023, Nigeria's main importing competitors in Crude Petroleum were:
China $319B
United States $170B
India $140B

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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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