Manufacturing sector

Search results for

88% of Nigeria's 2024 exports came from crude oil and co., 5.73% from agriculture

Key Takeaways:

Petroleum products (crude oil and other oil products) dominated Nigeria's export landscape in 2024, accounting for 88.26% of total export value.
Agricultural exports contributed 5.73% to export value, despite Nigeria's significant agricultural potential.
The manufacturing sector made up just 2.95% of the total export value.
Nigeria’s total export value reached ₦77.44 trillion in 2024 from ₦35.96 trillion in 2023.
Non-oil sectors collectively made up less than 12% of export value.

Over 80% of Nigeria’s imports in 2024 came from manufacturing and oil products

Key takeaways:

Manufactured goods accounted for 44.2% of Nigeria’s total imports.
Petroleum products (excluding crude oil) made up 38% of the import value.
Raw materials represented 11% of the total import value.
Agricultural imports contributed 6.2% to the overall import value.
The total import value stood at ₦60.59 trillion in 2024, from ₦30.86 trillion in 2023.
The energy resources sector made a negligible amount in import value, while no record was made for the crude oil sector.

Egypt topped Africa's manufacturing sector with nearly $60 billion output in 2023

According to 2022 and 2023 data for 40 African countries, Egypt leads in the value of manufacturing output reaching $59.6 billion in 2023 despite a 21% drop from 2022. Nigeria follows with $55.7 billion, while South Africa comes third with $48.8 billion.

Food, Beverage, and Tobacco sub-sector dominated Nigeria’s manufacturing sector in H1 2024

Nigeria's manufacturing sector contributed 9.2% (₦3.37 trillion) to the total GDP in H1 2024, mainly driven by food, clothing, and cement, which make up a combined 79.5% of the sector's GDP. Smaller sectors like Non-Metallic Products, Wood & Wood Products, and Motor Vehicles & Assembly could expand with targeted investments. The minimal impact of Oil Refining and Electrical & Electronics underscores the need for diversification.