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.

In 2024, Nigeria’s export landscape remained heavily dominated by the oil sector. Crude petroleum alone generated more than ₦55 trillion in export revenue, accounting for 71.39% of the country’s total exports. When combined with other petroleum products, the oil sector's contribution reached an extraordinary 88.26% of Nigeria's export value.

This pronounced concentration on the petroleum sector underscores Nigeria's continued economic reliance on oil exports despite longstanding diversification efforts.

Meanwhile, non-oil exports played a comparatively minor role in Nigeria’s trade. Agricultural products contributed 5.73% to total exports, while manufacturing exports made up 2.95%, and raw materials accounted for 2.38%.

Source:

National Bureau of Statistics

Period:

2024
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China's exports to Nigeria more than doubled between the 2016 drop and the 2022 peak, growing by 130%
Key Takeaways:    
  • China’s exports to Nigeria increased from less than $100 million in 1992 to $20.2 billion in 2023, an overall growth of 22,074%.
  • The highest export value was recorded in 2022 at $22.3 billion.
  • China's exports to Nigeria dropped sharply in 2016 to $9.7 billion from $15.39 billion in 2014.
  • After a sharp 29% decline between 2015 and 2016, exports entered a period of sustained growth beginning in 2017.
  • The 2020–2022 period saw remarkable growth, with exports rising by 33% despite global pandemic challenges.
  • In 2023, exports declined by 9.5%, yet remained significantly above pre-pandemic levels.
China's imports from Nigeria were highest at $3.03 billion in 2021, with mineral fuels, oils, and distillation products accounting for the majority of the import value
Key Takeaways:
  • From 2014 to 2023, China’s imports from Nigeria fluctuated significantly, ranging between $907 million and over $3 billion.
  • A sharp 53% drop was recorded between 2014 and 2015, followed by a further decline to a decade-low in 2016.
  • China reached its highest import value in 2021, when it imported over $3 billion from Nigeria.
  • Imports fell by 47% in 2022 but recovered by 48% in 2023, reaching $2.37 billion.
  • The volatility in trade reflects the influence of global commodity prices, especially oil, and evolving bilateral trade dynamics.
  • Mineral fuels, oils, and distillation products accounted for more than 50% of China's imports from Nigeria during the period of study.
Top 10 goods made up 63% of China’s exports to Nigeria in 2023
Key Takeaways:
  • Electrical and electronic equipment was China’s top export to Nigeria, valued at $2.88 billion.
  • The top five export categories (electrical equipment, machinery, vehicles, plastics, and iron/steel products) together accounted for over $8.78 billion, representing around 44% of total exports.
  • Industrial goods such as machinery and steel, along with manufactured consumer goods, dominate China’s export portfolio.
  • Products like apparel, synthetic materials, and household items featured strongly among the top export categories.
  • In total, China exported goods worth $20.18 billion to Nigeria in 2023.
Mineral fuels dominate China’s imports from Nigeria, accounting for nearly 60% of the total trade value
Key Takeaways:
  • In 2023, China imported $1.41 billion worth of mineral fuels and oils from Nigeria, making it the leading import category.
  • The top three import categories (mineral fuels, ores, and salt/earth materials) together made up nearly 89% of the total import value.
  • Nigeria’s exports to China are largely raw materials and natural resources, with minimal contribution from manufactured goods.
  • The top ten product categories accounted for almost 99% of China’s total imports from Nigeria.
  • Agricultural and animal products such as oil seeds, raw hides, and spices also formed part of Nigeria’s export portfolio.
  • China’s total imports from Nigeria were valued at $2.37 billion in 2023.
China recorded a $17.8 billion trade surplus with Nigeria in 2023, as exports outpaced imports by a ratio of 8.5 to 1
Key Takeaways:
  • In 2023, China’s exports to Nigeria totaled $20.18 billion, while imports from Nigeria reached only $2.37 billion.
  • China’s trade surplus with Nigeria amounted to approximately $17.8 billion.
  • Chinese exports accounted for 89.5% of the total bilateral trade, with Nigerian exports making up just 10.5%.
  • The trade imbalance underscores Nigeria’s strong dependence on Chinese goods and industrial inputs.
  • For every $1 Nigeria exports to China, it imports $8.50 worth of Chinese products.
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