Trade Trend

In 2023, Nigeria's total export value is 55.53Billion USD, total import value is 49.46Billion USD, Surplus is 6.07Billion USD, and foreign trade dependency is 0.289. In 2023，Nigeria's top export products are Petroleum oils and oils obtained from bituminous minerals; crude(41.84Billion USD), Petroleum gases and other gaseous hydrocarbons(6.93Billion USD), Fertilizers; mineral or chemical, nitrogenous(1.01Billion USD), top export destinations are Spain(6.22Billion USD), Netherlands(5.96Billion USD), United States(5.85Billion USD). In 2023, Nigeria's top import products are Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(11.46Billion USD), Wheat and meslin(1.44Billion USD), Telephone sets, including smartphones and other telephones for cellular/wireless networks; other apparatus for the transmission or reception of voice, images or other data (including wired/wireless networks), excluding items of 8443, 8525, 8527, or 8528(1.35Billion USD), top import origins are China(20.18Billion USD), Belgium(5.24Billion USD), India(3.95Billion USD).

Comparing to 2022, Nigeria's total export value decreased -11.64Billion USD(-17.32%) in 2023, this could result from its export decreases of products such as Petroleum oils and oils obtained from bituminous minerals; crude(-9.65Billion USD or -18.74%), Petroleum gases and other gaseous hydrocarbons(-1.57Billion USD or -18.47%), Fertilizers; mineral or chemical, nitrogenous(-1.03Billion USD or -50.41%) and export decreases to countries/economics such as India(-5.41Billion USD or -61.99%), Spain(-2.07Billion USD or -24.91%), Brazil(-1.34Billion USD or -62.90%). Comparing to 2022, Nigeria's total import value decreased -7.55Billion USD(-13.24%) in 2023, this could result from its import decreases of products such as Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(-5.50Billion USD or -32.42%), Wheat and meslin(-630.64Million USD or -30.42%), Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, including pressurereducing valves and thermostatically controlled valves(-474.44Million USD or -66.42%), and its import decreases from countries/economies such as Netherlands(-3.34Billion USD or -56.60%), Belgium(-838.52Million USD or -13.79%), India(-795.02Million USD or -16.76%).

Cumulated to first 7 months of 2024, Nigeria's total export value is 20.14Billion USD, total import value is 17.41Billion USD, and tradesurplus is 2.73Billion USD. Cumulated to first 7 months of 2024, Nigeria's top export products are Petroleum oils and oils obtained from bituminous minerals; crude(14.94Billion USD), Petroleum gases and other gaseous hydrocarbons(2.22Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(650.87Million USD), and top export destinations are United States(2.70Billion USD), Spain(2.33Billion USD), India(2.19Billion USD). Cumulated to first 7 months of 2024, Nigeria's top import products are Petroleum oils and oils obtained from bituminous minerals; crude(14.94Billion USD), Petroleum gases and other gaseous hydrocarbons(2.22Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(650.87Million USD), and top import origins areChina(7.25Billion USD), United States(1.95Billion USD), Belgium(1.79Billion USD).