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2023
Economic Complexity
Trade -1.75Rank 129 of 132
2021
Economic Complexity
Technology -1.94Rank 95 of 96
2022
Economic Complexity
Research 0.03Rank 57 of 140
2023
Product
Exports | Imports $61B | $68.4B52 of 226 |  50 of 226
2023
Per Capita Product
Exports | Imports $268 | $300152 of 220 |  196 of 220

About

Overview In 2023, Nigeria was the number 41 economy in the world in terms of GDP (current US$), the number 52 in total exports, the number 50 in total imports, the number 164 economy in terms of GDP per capita (current US$) and the number 129 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Nigeria are Crude Petroleum ($43.5B), Petroleum Gas ($8.38B), Gold ($1.54B), Nitrogenous Fertilizers ($1.05B), and Cocoa Beans ($763M), exporting mostly to United States ($6.29B), Spain ($5.76B), France ($4.76B), Netherlands ($4.35B), and India ($3.64B).

Imports The top imports of Nigeria are Refined Petroleum ($18.2B), Tanks and Armored vehicles ($9.17B), Wheat ($2.97B), Cars ($1.56B), and Raw Sugar ($747M), importing mostly from China ($18B), Singapore ($9.35B), Belgium ($5.34B), India ($4.06B), and United States ($3B).

In 2023, Nigeria was the world's biggest importer of Tanks and Armored vehicles ($9.17B)

Location Nigeria borders Benin, Cameroon, Chad, and Niger by land and Equatorial Guinea, Ghana, and Sao Tome and Principe by sea.

Latest Trends

Latest Trade

Flow
View
Y-AXIS SCALE

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

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.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Crude Petroleum$43.5B
Top Destination (2023)United States$6.29B

In 2023, Nigeria exported a total of $61B, making it the number 52 exporter in the world. During the last five reported years the exports of Nigeria have changed by -$4.03B from $65B in 2018 to $61B in 2023.

The most recent exports are led by Crude Petroleum ($43.5B), Petroleum Gas ($8.38B), Gold ($1.54B), Nitrogenous Fertilizers ($1.05B), and Cocoa Beans ($763M). The most common destination for the exports of Nigeria are United States ($6.29B), Spain ($5.76B), France ($4.76B), Netherlands ($4.35B), and India ($3.64B).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
United States$1.44B (+ 29.8%)
China$838M (+ 50.2%)
United Arab Emirates$813M (+ 147%)
Fastest Growing Import Markets (2022 - 2023)
Singapore$8.78B (+ 1.55k%)
Malta$2.25B (+ 22.8k%)
Russia$900M (+ 148%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Depth
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Service Trade

Service Trade

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).

Service Exports (2019)

Service Imports (2019)

Economic Complexity

Overview

Economic Complexity (Trade)-1.75Rank 129 of 132
Economic Complexity (Technology)-1.94Rank 95 of 96
Economic Complexity (Research)0.03Rank 57 of 140

Most Specialized Products by RCA Index

Nigeria has a high level of specialization in Tin Ores (31.8), Cocoa Beans (28.5), Uranium and Thorium Ore (28.4), Scrap Vessels (24.6), and Niobium, Tantalum, Vanadium and Zirconium Ore (21.2). Specialization is measured using RCA, an index that takes the ratio between Nigeria observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Nigeria according to the product complexity index (PCI) are Artificial filament tow (0.85), Synthetic staple fibres, not carded, combed or otherwise processed for spinning (0.099), Turbines; steam and other vapour turbines (0.069), Zinc; oxide and peroxide (-0.039), and Slag, ash and residues; (not from the manufacture of iron or steel)... (-0.086). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Nigeria according to the relatedness index, were Manganese Ore (0.12), Aluminium Ore (0.11), Gold (0.1), Raw Cotton (0.095), and Nickel Ore (0.09). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Nigeria is not specialized in.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Nigeria. These are products that tend to be co-exported with the products that Nigeria exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

Filter
Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Nigeria's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨97th to the 129th⁩ 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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ECI (Trade) Ranking by Country

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