Crude oil leads Nigeria’s global exports with 68.87% share, while refined petroleum products (motor spirit, gas oil) top its imports at over 27%

Key Takeaways:

  • Crude oil remains Nigeria’s largest export, while refined petroleum products lead imports.
  • Natural gas ranks as the second-largest export, contributing 9.71% of the total export value.
  • The top five imported products account for 32.28% of Nigeria’s global imports.
  • The top ten exports represent over 95% of Nigeria’s total export value.

In the fourth quarter of 2024, crude oil and oil obtained from bituminous minerals accounted for ₦13.78 trillion, representing nearly 70% of Nigeria’s global exports. Natural gas followed, adding ₦1.94 trillion or 9.71% to Nigeria’s global exports.

On the import side, refined petroleum products topped the list. Motor spirit (petrol) led with ₦3.3 trillion, while gas oil followed with ₦1.23 trillion. Together, these accounted for over 27% of Nigeria’s global import value.

Though oil dominates the country's export trade landscape, non-oil exports such as cocoa beans, sesame seeds, and natural cocoa butter are emerging as valuable contributors to its export diversification strategy, with individual shares ranging from 0.52% to 4.18%. Meanwhile, Nigeria’s imports reflect a broad range of needs, highlighting the importance of enhancing domestic manufacturing and reducing reliance on foreign goods.

Source:

National Bureau of Statistics

Period:

Q4 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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