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.

Between 2014 and 2023, China’s imports from Nigeria showed a highly volatile trend. In 2014, imports stood at $2.66 billion but plummeted by 53% in 2015 and reached a decade-low of $907 million in 2016, likely due to the global oil price crash.

A gradual recovery followed, peaking in 2021 at $3.03 billion, reflecting strong demand for Nigerian raw materials, particularly mineral fuels.

However, imports fell sharply again in 2022 to $1.60 billion, with trade recovering strongly by 48% in 2023 to $2.37 billion.

Source:

Trading Economics, UN Comtrade

Period:

2014-2023
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