The following export product groups represent the highest dollar value in Nigerian global shipments during 2017. Also shown is the percentage share each export category represents in terms of overall exports from Nigeria.

At the more detailed four-digit Harmonized Tariff System code level, Nigeria’s most valuable exported product is mainly crude oil and, to a lesser extent, petroleum gases, cocoa beans, high-temperature distilled coal tar oils, refined petroleum oils then nitrogenous fertilizers.

1. Mineral fuels including oil: US$39.1 billion (96% of total exports)
2. Ships, boats: $253.5 million (0.6%)
3. Cocoa: $238.1 million (0.6%)
4. Oil seeds: $180.9 million (0.4%)
5. Fertilizers: $149.8 million (0.4%)
6. Tobacco, manufactured substitutes: $102.4 million (0.3%)
7. Plastics, plastic articles: $78.1 million (0.2%)
8. Fruits, nuts: $76.1 million (0.2%)
9. Raw hides, skins not furskins, leather: $67.9 million (0.2%)
10. Rubber, rubber articles: $55.4 million (0.1%)

Nigeria’s top 10 exports are highly concentrated accounting for 99% of the overall value of the country’s global shipments.

Among the top 10 Nigerian exports above, the fertilizers category showed the greatest increase from 2016 to 2017 via a 140.9% uptick.

Exported fruits and nuts gained 133.6%. Plastics and articles made from plastics exported from Nigeria appreciated by 100.8% followed by Nigeria’s exported oil seeds up by 48.7%.

Three export categories didn’t fare as well. Nigeria’s sales of exported tobacco and manufactured substitutes fell by -13% year over year. Cocoa exports declined in value by -21.4% while Nigerian shipments of ships and boats slid by -86.3% from 2016 to 2017.

Overall, Nigeria achieved a $11.8 billion trade surplus during 2017 reversing a -$2.3 billion deficit one year earlier.

The following types of Nigerian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports reflect the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Mineral fuels including oil: US$30.9 billion (Up by 41.5% since 2016)
2. Cocoa: $225.0 million (Down by -23.1%)
3. Oil seeds: $170.8 million (Up by 61.8%)
4. Ships, boats: $120.1 million (Reversing a -$885.9 million deficit)
5. Raw hides, skins not furskins, leather: $47.8 million (Up by 58.8%)
6. Fruits, nuts: $31.9 million (Reversing a -$23.3 million deficit)
7. Lead: $23.4 million (Down by -0.5%)
8. Live trees, plants, cut flowers: $7.1 million (Up by 88.9%)
9. Feathers, artificial flowers, hair: $6.7 million (Up by 169.6%)
10. Ores, slag, ash: $5.2 million (Down by -23.5%)

Nigeria has highly positive net exports particularly in the international trade of crude oil, petroleum gases and, to a lesser degree, refined petroleum oils. In turn, these cashflows indicate Nigeria’s strong competitive advantages under the mineral fuels including oil category.

Below are exports from Nigeria that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Nigeria’s goods trail Nigerian importer spending on foreign products.

1. Machinery including computers: US-$3.9 billion (Down by -36.4% since 2016)
2. Electrical machinery, equipment: -$1.7 billion (Down by -27.1%)
3. Vehicles: -$1.5 billion (Down by -9.4%)
4. Cereals: -$1.4 billion (Up by 14%)
5. Plastics, plastic articles: -$1.3 billion (Down by -12.2%)
6. Articles of iron or steel: -$676.8 million (Down by -15.4%)
7. Salt, sulphur, stone, cement: -$666.2 million (Up by 345.2%)
8. Fish: -$646.4 million (Up by 15.2%)
9. Other chemical goods: -$632.5 million (Up by 21.4%)
10. Sugar, sugar confectionery: -$618.1 million (Down by -22.9%)

Nigeria has highly negative net exports and therefore deep international trade deficits under the machinery including computers category, notably mobile phones.

Nigerian Export Companies

Five Nigerian corporations rank among Forbes Global 2000 including three regional banks, an insurance conglomerate and a construction materials firm.

• Dangote Cement (construction materials)
• Equity Assurance (financial institution)
• FBN Holdings (regional bank)
• Guaranty Trust Bank (regional bank)
• Zenith Bank (regional bank)

Wikipedia also lists exporters from Nigeria. Selected examples are shown below:

• Julius Berger Nigeria (construction materials)
• Nigerian National Petroleum Corporation (oil, gas)
• Oando (oil, gas)
• ROCAD Construction Limited (oil, gas)
• Shell Nigeria (oil, gas)