Nigeria ranks 47th among the world’s top exporters and ranks 50th world’s top importers.
Nigeria’s total import value for 2021 stood at 21.89 trillion naira. This appears to be the year with the highest import during the five year period. However, its highest export was in 2019 when it exported to the tune of 19.19 trillion naira.
Nigeria’s imports increased from 9.6 trillion naira to 27.89 trillion naira showing a percentage increase of 190.5% between 2017 to 2021.
But its export only increased from 13.6 trillion naira to 18.89 trillion naira with a percentage increase of 38.9% between 2017 and 2021.
As shown in the chart below, The balance of trade figures has been unfavourable to the economy since 2020 despite the positive balance three years prior. An estimate of change between 2017 and 2021 shows a drastic decline from a positive balance of 4 trillion to a negative balance of 9 trillion. This is a percentage decrease of 325%.
The top exports of Nigeria are crude petroleum, petroleum gas, scrap vessels, flexible metal tubing, and cocoa beans. While the main imports are refined petroleum, packaged medicaments, wheat, laboratory glassware, and cars.
Nigeria mostly imports from China, India, the United States, the Netherlands, and Belgium. Nigeria’s main export partners are India, the United States, Ghana, France, and Spain.
Nigeria was the world’s biggest exporter of scrap vessels and flexible metal tubing in 2019 and the world’s biggest importer of laboratory glassware, typewriters, embroidery, and textile fibres.
Adijat Kareem is a research and data analyst at Dataphyte with a background in Economics. She is passionate about data and storytelling in driving social change and innovation.
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