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 exports to Nigeria have grown significantly over the past three decades, reflecting deepening economic ties between the two nations. Starting at $90.9 million in 1992, exports surged past $22 billion by 2022, driven by the demand for machinery, electronics, and manufactured goods. But 2023 saw a slight decline to $20.2 billion.

Amid economic challenges and global uncertainty, exports dropped sharply to $9.7 billion by 2016. From 2017 onward, trade rebounded steadily, with China reaching a historic high in 2022 at $22.3 billion in exports to Nigeria.

Source:

Trading Economics, UN Comtrade

Period:

1992-2023
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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.
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