Over 80% of Nigeria’s imports in 2024 came from manufacturing and oil products

Key takeaways:

  • Manufactured goods accounted for 44.2% of Nigeria’s total imports.
  • Petroleum products (excluding crude oil) made up 38% of the import value.
  • Raw materials represented 11% of the total import value.
  • Agricultural imports contributed 6.2% to the overall import value.
  • The total import value stood at ₦60.59 trillion in 2024, from ₦30.86 trillion in 2023.
  • The energy resources sector made a negligible amount in import value, while no record was made for the crude oil sector.

In 2024, Nigeria’s import landscape was predominantly driven by the manufactured goods and refined petroleum products sectors. The manufacturing goods sector tops Nigeria’s imports, accounting for 44.2% of the total ₦60.59 trillion in import value. Petroleum products (excluding crude oil) followed closely, contributing 38%, underscoring the country’s dependence on imported refined fuels despite being a major crude oil producer.

 

Raw materials accounted for 11% of Nigeria’s total imports, while agricultural products comprised 6.2%, highlighting the country’s reliance on foreign inputs for both industrial and food needs.

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.
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  • 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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