Oil & Gas - Intelpoint

Gems and precious metals were the largest single export category, contributing $20.6 billion.
Ores and industrial minerals followed closely with $17.2 billion, showing the country’s reliance on mining.
Vehicles and machinery were significant non-mineral exports, with a combined $18.3 billion.
Agricultural and light industry products like fruits, nuts, and beverages contributed modestly, strengthening mining and manufacturing’s position as the core export drivers.

Mineral fuels (including crude oil) accounted for $49.3 billion, or 86.8% of total exports in 2024.
Non-oil exports remained marginal, with the second-largest item, cocoa, contributing only 4.6%.
Fertilisers, ores, slag, ash, and oilseeds collectively made up less than 5%, indicating limited diversification.
All other export categories each contributed 1% or less, underscoring Nigeria’s narrow export base.

Nigeria’s energy goods exports rose from ₦37.3B in 2017 to ₦262.9B in 2024, before falling to ₦154.2B in H1 2025.
Imports remained consistently low, ranging from ₦24.2M to ₦353.1M throughout the period.
Export growth outpaced imports, showing a widening trade surplus in energy goods.
The 2024 spike in exports represents the highest export value within the nine-year window.
Energy imports stayed below ₦400M yearly, indicating low dependency on foreign energy goods.

China has dominated Nigeria’s imports from Asia, maintaining a 50–55% share for most of the period.
China’s share reached its highest level at 58.6% in H1 2025.
India's import share remained volatile, ranging between 11% and 25%.
Total imports from Asia surged from ₦2.6 trillion in 2013 to ₦16.4 trillion in H1 2025.

Agricultural imports fell from 83.9% in 2017 to 42.9% in H1 2025, indicating a significant decline in import dependency.
Agricultural exports grew from 16.1% in 2017 to 54.0% in 2024, surpassing imports for the first time since 2017.
Total agricultural trade increased from ₦1.1 trillion in 2017 to ₦8.2 trillion in 2024.
Between 2022 and 2024, the import share dropped significantly from 75.7% to 46.0%.

Crude oil imports into Nigeria in H1 2025 marked the first occurrence since 2017.
Crude oil imports accounted for 10.2% of total crude oil trade.
From 2017 to 2024, exports made up 100% of crude oil trade annually.
Total crude oil trade peaked at ₦55.3 trillion in 2024.
The emergence of crude oil imports can be linked to domestic refinery operations, especially the Dangote Refinery.

Asia and Europe have consistently represented over 70% of Nigeria’s imports since 2013.
Asia’s share of imports reached a record 53.5% in H1 2025.
Europe contributed 23.1% of total imports in H1 2025.
Imports from the American region averaged between 10%–14% over the period.
Africa’s import share remained below 10%, showing limited regional trade.

The Netherlands has mostly been the top European import source, with Nigeria averaging 20% of annual imports from the region.
Netherlands' highest share of Nigeria's imports was 27.9% in 2018.
The United Kingdom consistently contributed around 5–15% of Nigeria’s European imports.
Germany’s share remained relatively stable at 5–10% over the years.
France, Italy, and Spain maintained smaller shares, mostly under 7%.

Imports have consistently exceeded 85% of Nigeria's manufactured goods trade since 2017.
In H1 2025, imports accounted for 93.3% of the total ₦16.5 trillion trade.
Nigeria’s export share in the manufactured goods trade was only 6.7% in H1 2025.
The highest export share in the past eight years was 14.8% in 2019.
Total manufactured goods trade grew from ₦4.9 trillion in 2017 to ₦29.1 trillion in 2024.

Nigeria’s food and beverage imports increased almost ninefold, from ₦0.7 trillion in 2013 to ₦6.6 trillion in 2024.
Imports remained relatively stable between 2015 and 2019, averaging around ₦1.1–₦1.6 trillion.
A major spike occurred in 2021, when imports surged by 62%, reaching ₦2.9 trillion.
Overall, the trend underscores Nigeria’s ongoing challenge of reducing dependency on imported food and beverages despite policies aimed at self-sufficiency.

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