Nigeria's trade surplus peaked at ₦16.8t in 2012, reaching its lowest in 2023

  • Between 2008 and 2015, Nigeria experienced consistent trade surpluses.
  • In 2023, Nigeria recorded the least trade surplus in 16 years since 2008.
  • Nigeria recorded trade deficits in three years (2016, 2020, and 2021) since 2008.
  • 2021's ₦1.9 trillion deficit marked a downturn in trade performance

The period from 2008 to 2015 saw Nigeria’s trade balance soar, with consistent surpluses indicative of a thriving export sector.

Years with trade deficits, like 2016, 2020, and 2021, suggest that Nigeria was spending more on foreign goods than it earned from exports. This could have led to a trade imbalance that negatively affected economic stability and growth.

By 2023, Nigeria’s trade balance was ₦44.8b, the lowest recorded in the period.

Source:

National Bureau of Statistics

Period:

2008 - 2023
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Netherlands, US, and Germany dominated cocoa imports from 1961 to 2023
  • Netherlands imported the most cocoa beans — 25.48 million tonnes (1961–2023)
  • US (21.1M) and Germany (16.8M) followed in total volume
  • These three countries dominated the top 5 nearly every year
  • Malaysia, UK, France, and Belgium also ranked high over time
  • USSR stayed in the top 10 despite dissolving in 1991
  • Global cocoa imports grew from 1M tonnes in 1961 to nearly 4M in 2023
Half of the top 12 global Google shopping searches in 2024 were for phone brands
  • iPhone was the most searched shopping query globally in 2024.
  • Half of the top 12 search queries were phone-related, showing phones dominated online shopping interest.
  • iPhone (100) and Samsung (88) were highly searched, signalling active consumer comparison between phone models.
  • Nike (84) and Adidas (46) maintained strong brand appeal in fashion and retail.
  • Amazon (52) ranked high despite being a platform, not a specific product.
  • Apple (30) appeared lower in rank than specific Apple products, suggesting searchers prioritised items over brand pages.
  • Laptops (21) remained a significant product category globally, despite mobile dominance.
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.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved