Imports

In 2022, Nigeria imported products worth $60.5 billion from all over the world, up 15.3% from $52.4 billion in 2021.

Nigeria's top three imported products are refined petroleum, automobiles and wheat.

Major suppliers of imported products in Nigeria

The latest country-specific data shows that Nigeria's imports are mainly supplied by exporters from the following countries: mainland China (22.7% of Nigeria's total), the Netherlands (10.4%), Belgium (10.3%), India (7.9%), the United States (5.6%), South Korea (3.5%), Norway (3.3%), France (3.2%), the United Arab Emirates (2.7%), UK (2.2%), Germany (2%) and Brazil (1.9%).

Nigeria's Top 10 Imports

1. Mineral fuels including oil: $23.9 billion (39.6% of total imports)

2. Machinery including computers: $6.9 billion (11.4%)

3. Motors and equipment: $3.5 billion (5.7%)

4. Vehicles: $3.3 billion (5.4%)

5. Plastics, plastic products: $2.32 billion (3.8%)

6. Cereals: $2.27 billion (3.8%)

7. Optical, technical, medical equipment: $1.2 billion (2%)

8. Pharmaceuticals: $1.1 billion (1.7%)

9. Other chemicals: $1.03 billion (1.7%)

10. Organic Chemicals: $1.02 billion (1.7%)

The top 10 categories account for more than three-quarters (76.8%) of Nigeria's imports by value in 2022.

The value of Nigeria's purchases of imported mineral fuels, including petroleum, is the fastest-growing of the top 10 import categories, thanks to a 47.2% increase from 2021 to 2022. Nigeria's refined petroleum imports saw the largest increase. The second highest purchasing volume was imported organic chemicals. Nigeria's imports of electrical machinery and equipment grew by 11.9% year-on-year.

The main category of decline was the pharmaceuticals category, which fell by -23.1% from 2021, outpacing the -17.7% decline in Nigeria's imports of cereals, including wheat.

Exports

Nigeria exported $63.3 billion worth of products to the world in 2022. This represents a 33.1% increase in the total value of Nigeria's exports compared to $47.6 billion in 2021.

Nigeria's largest export is crude oil, a commodity that accounts for more than three-quarters (78.7%) of its total export commodities. Nigeria is one of the world's leading exporters of oilseeds and a major competitor in delivering crude oil and cocoa beans to international markets.

Where does most of Nigeria's exports go?

The latest country-specific data show that Nigeria's exports are mainly purchased by importers in India (12.6% of Nigeria's total), Spain (12%), the Netherlands (9.6%), Indonesia (7.4%), the United States (7%), France (5.8%), Italy (4.2%), Côte d'Ivoire (3.4%), Canada (3%), Portugal (2.95%), Brazil (2.87%) and South Africa (2.2%).

Nigeria's Top 10 Exports

1. Fossil fuels including oil: $57.5 billion (90.7% of total exports)

2. Fertilizers: $1.9 billion (3%)

3. Ships: $773.7 million (1.2%)

4. Cocoa: $679.8 million (1.1%)

5. Oilseeds: $398.2 million (0.6%)

6. Aluminum: $281.6 million (0.4%)

7. Fruits, nuts: $247.3 million (0.4%)

8. Gemstones, precious metals: $150.8 million (0.2%)

9. Tobacco, artificial substitutes: $150.5 million (0.2%)

10. Copper: $149.4 million (0.2%)

Nigeria's top ten exports are highly concentrated, accounting for 98.2% of the country's total global exports.

Gemstones and precious metals are the fastest growing of the top ten export categories, growing by 1,583% from 2021 to 2022. The second highest improvement in export sales was in fertilizers, which grew by 102%. Nigeria's copper shipments ranked third in terms of increase with a growth of 100.9%.

The largest decline in Nigeria's top ten export categories was in the Ships category, down -46.5% year-on-year.

Based on a more granular four-digit HS code, Nigeria's most valuable exports are Crude Oil (78.7% of Nigeria's total exports), LPG (11.7%), Nitrogen Fertilizers (3%), Light Ships, Fireboats and Floating Docks (1%), Cocoa Beans (0.9%), Oilseeds (0.5%), Unwrought Aluminum (0.4%), Cashews and Coconuts (0.4%), Electrical Energy (0.2%), followed by unforged gold (0.2%).

How Shanghai Tendata Empowers Growth with Foreign Trade Big Data？

Tendata iTrader is a versatile foreign trade application tool and a great asset for professionals in the international trade industry.

(1) Real-time Access to Comprehensive Global Data: Tendata iTrader offers real-time access to customs data from 91 countries, customs code inquiries, and an extensive collection of foreign trade supply chain data, import-export statistics, and international company data. Companies can freely select the foreign trade databases corresponding to their trade regions and use nine different search methods to tailor their data queries based on single or multiple criteria. The search results can generate 19 types of market reports, and users can perform online comparative analyses as well. (>>> Click to use The Data Online for Free)

(2) Detailed Transaction Records from 91 Countries: Tendata's data system automatically integrates millions of accurate buyer information, detailed transaction data from 91 countries, and competitor details. It intelligently generates various data analysis reports, empowering companies to analyze competitors, maintain relationships with new and existing customers, and stay up-to-date with real-time international trade information. How is Shanghai Tendata performing?(>>> Click for Free Demo)

(3) Internet Search of Email Addresses in 153 Countries: With Tendata's proprietary web crawling technology, companies can access and validate email addresses in 153 countries, making mass email campaigns worry-free. Potential customers are automatically categorized by level, allowing users to find decision-makers within a minute. Choose from various email templates with unlimited sending capabilities. Tendata's data effectiveness is quite impressive. (>>> Click for More Details)