Nigerian flag (sciencekids.co.nz)
From a continental perspective, approaching one half (43.9%) of Nigerian exports were sent to European countries while 27.7% worth was destined for Asia. Another 13.2% was delivered to North America, 9.2% went to Africa, 4.9% arrived in Latin America excluding Mexico but including the Caribbean, with 0.4% shipped to Oceania (0.4%) led by Australia.
Given Nigeria’s population of 203.5 million people, the total $52.9 billion in 2018 Nigerian exports translates to roughly $260 for every person in the West African nation.
In macroeconomic terms, Nigeria’s total exported goods represent 4.5% of its overall Gross Domestic Product for 2018 ($1.169 trillion valued in Purchasing Power Parity US dollars). That 4.5% for exports to overall GDP per PPP in 2018 compares to 5% for 2014, seeming to indicate a relatively decreasing reliance on products sold on international markets for Nigeria’s total economic performance. And while this article focuses on exported goods, it is interesting to note that Nigeria also provided $4.8 billion worth of exports-related services to global customers for an additional 0.4% of GDP in PPP.
Another key indicator of a country’s economic performance is its unemployment rate. Nigeria’s unemployment rate was an estimated 23.1% at September 2018, up from 18.8% one year earlier per Trading Economics.
Nigeria’s Top 10 Exports
Top 10
The following export product groups represent the highest dollar value in Nigerian global shipments during 2018. Also shown is the percentage share each export category represents in terms of overall exports from Nigeria.
- Mineral fuels including oil: US$49.8 billion (94.1% of total exports)
- Ships, boats: $1.3 billion (2.4%)
- Cocoa: $317.5 million (0.6%)
- Oil seeds: $274.6 million (0.5%)
- Fruits, nuts: $189.3 million (0.4%)
- Fertilizers: $169.2 million (0.3%)
- Tobacco, manufactured substitutes: $97.2 million (0.2%)
- Raw hides, skins not furskins, leather: $93.4 million (0.2%)
- Aluminum: $74.2 million (0.1%)
- Plastics, plastic articles: $71.4 million (0.1%)
Nigeria’s top 10 exports are highly concentrated accounting for 98.9% of the overall value of the country’s global shipments.
Among the top 10 Nigerian exports above, the ships and boats category showed the greatest increase from 2017 to 2018 via a 400% uptick.
Exported fruits and nuts gained 148.7%. Aluminum exported from Nigeria appreciated by 141.7% followed by Nigeria’s exported oil seeds up by 51.8%.
Two top export categories didn’t fare as well. Nigeria’s global sales of plastics and articles made from plastic fell -8.6% year over year. Shipped tobacco and manufactured substitutes slid in value by -5%.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Nigeria’s Most Valuable Export Products further down near the bottom of this article.
Advantages
Overall, Nigeria achieved a $16.5 billion trade surplus during 2018 up from $11.8 billion in black ink 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.
- Mineral fuels including oil: US$39 billion (Up by 25.9% since 2017)
- Cocoa: $302 million (Up by 34.2%)
- Oil seeds: $248.1 million (Up by 45.3%)
- Fruits, nuts: $149 million (Up by 367.4%)
- Raw hides, skins not furskins, leather: $73.4 million (Up by 53.4%)
- Lead: $43.4 million (Up by 85.8%)
- Ores, slag, ash: $28.8 million (Up by 455%)
- Fertilizers: $20.5 million (Reversing a -$64.3 million deficit)
- Feathers, artificial flowers, hair: $8.9 million (Up by 34.1%)
- Live trees, plants, cut flowers: $7.4 million (Up by 3.5%)
Nigeria has highly positive net exports particularly in the international trade of crude oil and petroleum gases. In turn, these cashflows indicate Nigeria’s strong competitive advantages under the mineral fuels including oil category.
Opportunities
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.
- Machinery including computers: -US$5.1 billion (Up by 31.8% since 2017)
- Vehicles: -$2.24 billion (Up by 51.8%)
- Ships, boats: -$2.15 billion (Reversing a $120.1 million surplus)
- Electrical machinery, equipment: -$2.1 billion (Up by 19.2%)
- Plastics, plastic articles: -$1.3 billion (Up by 4.6%)
- Cereals: -$1.2 billion (Down by -15.7%)
- Articles of iron or steel: -$681.8 million (Up by 0.7%)
- Fish: -$641.5 million (Down by -0.8%)
- Other chemical goods: -$599 million (Down by -5.3%)
- Iron, steel: -$588.6 million (Up by 40.3%)
Nigeria has highly negative net exports and therefore deep international trade deficits under the machinery including computers category.
Companies
Nigerian Export Companies
Five Nigerian corporations rank among Forbes Global 2000 including three regional banks, an insurance conglomerate and a construction materials firm.
- Dangote Cement (construction materials)
- Equity Assurance (financial institution)
- FBN Holdings (regional bank)
- Guaranty Trust Bank (regional bank)
- Zenith Bank (regional bank)
Wikipedia also lists exporters from Nigeria. Selected examples are shown below:
- Julius Berger Nigeria (construction materials)
- Nigerian National Petroleum Corporation (oil, gas)
- Oando (oil, gas)
- ROCAD Construction Limited (oil, gas)
- Shell Nigeria (oil, gas)
Searchable List of Nigeria’s Most Valuable Export Products
At the more granular four-digit HTS code level, Nigeria’s top export products are crude oil and, to a lesser extent, petroleum gases, tugboats and pusher craft, cocoa beans, oils seeds then breaker vessels.
The following searchable table displays 200 of the most in-demand goods shipped from Nigeria during 2018. Shown beside each product label is its total export value then the percentage increase or decrease since 2017.
| Rank | Nigeria's Export Product | 2018 Value (US$) | Change |
|---|---|---|---|
| 1 | Crude oil | $43.6 billion | +32.1% |
| 2 | Petroleum gases | $5.9 billion | +3.6% |
| 3 | Tugboats, pusher craft | $1 billion | no 2017 data |
| 4 | Cocoa beans | $256.1 million | +43.3% |
| 5 | Oil seeds | $247.7 million | +98.6% |
| 6 | Breaker vessels | $219.9 million | +64.3% |
| 7 | Coconuts, Brazil nuts, cashews | $186.3 million | +144.8% |
| 8 | Nitrogenous fertilizers | $169.2 million | +12.9% |
| 9 | Processed petroleum oils | $156.6 million | -6.2% |
| 10 | Electrical energy | $112 million | +8.2% |
| 11 | Cigars/cigarellos, cigarettes | $97.1 million | -5.2% |
| 12 | Coal tar oils (high temperature distillation) | $75.3 million | -56% |
| 13 | Aluminum (unwrought) | $66.1 million | +224% |
| 14 | Further-prepared leather | $61.7 million | +54.5% |
| 15 | Hydraulic cements | $61.5 million | +16.2% |
| 16 | Ethylene polymers | $56.4 million | +16.2% |
| 17 | Cocoa butter, fat, oil | $46.8 million | +4.7% |
| 18 | Crustaceans (including lobsters) | $42.7 million | -5.8% |
| 19 | Natural rubber | $41.8 million | -24.5% |
| 20 | Lead (unwrought) | $41 million | +76.7% |
| 21 | Pasta, couscous | $25.4 million | +9.8% |
| 22 | Sheep/lamb leather | $23.2 million | +17% |
| 23 | Zinc ores, concentrates | $22.2 million | +395.4% |
| 24 | Aircraft, spacecraft | $19.3 million | no 2017 data |
| 25 | Light vessels, fire boats, floating docks | $19.1 million | +131.4% |
| 26 | Soya beans | $16.8 million | -34.8% |
| 27 | Non-alcoholic drinks (not water/juice/milk) | $15.2 million | +23.9% |
| 28 | Wigs, false beards, eyelashes | $14.1 million | +11.2% |
| 29 | Miscellaneous machinery | $13.8 million | no 2017 data |
| 30 | Fixed vegetable fats/oils | $13.3 million | +19,983% |
| 31 | Packaged insecticides/fungicides/herbicides | $13.2 million | +2.2% |
| 32 | Other food preparations | $11.9 million | +92.2% |
| 33 | Refined copper, unwrought alloys | $11.9 million | +2,936% |
| 34 | Ginger, saffron, thyme, bay leaves, curry | $11 million | +41.8% |
| 35 | Cruise/cargo ships, barges | $10.8 million | -90.3% |
| 36 | Lead ores, concentrates | $10 million | +545.5% |
| 37 | Beet-pulp, brew/distilling waste | $9.1 million | no 2017 data |
| 38 | Cocoa paste | $8.7 million | +9.9% |
| 39 | Iron or non-alloy steel products (semi-finished) | $8.4 million | -6.1% |
| 40 | Goat/kidskin leather | $8.3 million | +1.8% |
| 41 | Aluminum containers | $7.9 million | -21.8% |
| 42 | #N/A | $7 million | +72.1% |
| 43 | #N/A | $6.8 million | -9.4% |
| 44 | Other iron or non-alloy steel bars, rods | $6.4 million | +62.6% |
| 45 | Soups, broths | $6.2 million | -1.6% |
| 46 | Organic surface-active goods, soap | $6.2 million | +122.5% |
| 47 | Stainless steel bars, rods | $6 million | no 2017 data |
| 48 | Bottles, flasks, jars, pots | $6 million | +9.3% |
| 49 | Pulley tackle, hoists | $5.8 million | no 2017 data |
| 50 | Other organic cleaning preparations | $5.1 million | -30.9% |
| 51 | Chemical industry products/residuals | $4.8 million | +31,847% |
| 52 | Plastic packing goods, lids, caps | $4.8 million | +234.8% |
| 53 | Plastic plates, sheets, film, tape, strips | $4.5 million | +45.3% |
| 54 | Particle board, other ligneous materials | $4.1 million | +119.1% |
| 55 | Coconut/palm/babassu oil | $4 million | -39.5% |
| 56 | Soya-bean oil-cake, other solid residues | $3.9 million | -68.7% |
| 57 | Wood charcoal | $3.8 million | -58.8% |
| 58 | Cocoa shells, husks, skins, waste | $3.5 million | -39.3% |
| 59 | Medicinal plants | $3.5 million | +647.4% |
| 60 | Cotton (uncarded, uncombed) | $3.4 million | +8.8% |
| 61 | Yarn (85%+ cotton) | $3.4 million | +59.6% |
| 62 | Soya-bean oil | $3.2 million | no 2017 data |
| 63 | Coiled iron or non-alloy steel bars, rods | $3.2 million | +515.4% |
| 64 | Oil seed flour/meal | $3.1 million | -87.1% |
| 65 | Household/sanitary rolls | $3 million | +43.9% |
| 66 | Malt beer | $3 million | -50.5% |
| 67 | Miscellaneous fruits (fresh) | $2.6 million | no 2017 data |
| 68 | Buttermilk, yogurt | $2.6 million | +69.1% |
| 69 | Rough wood | $2.6 million | -63.2% |
| 70 | Footwear (rubber or plastic) | $2.6 million | -19.1% |
| 71 | Aircraft parts | $2.4 million | no 2017 data |
| 72 | Sauces, mixed condiments, seasonings | $2.3 million | +98.3% |
| 73 | Oral/dental hygiene preparations | $2.3 million | -5% |
| 74 | Iron or non-alloy steel bars, rods | $2.3 million | -6.8% |
| 75 | Niobium/zirconium ores, concentrates | $2.1 million | +9.1% |
| 76 | Miscellaneous tin articles | $2 million | +51.2% |
| 77 | Unroasted ground-nuts | $1.9 million | -67.3% |
| 78 | Bran, other residues | $1.9 million | -85.6% |
| 79 | Propylene/olefin polymers | $1.8 million | +26.9% |
| 80 | Iron or non-alloy steel angles, shapes, sections | $1.8 million | +44.3% |
| 81 | Sawn wood | $1.8 million | +233.5% |
| 82 | Polyacetal/ether/carbonates | $1.7 million | -33.2% |
| 83 | Live fish | $1.7 million | no 2017 data |
| 84 | Lead plates, sheets, strip, foil, powders | $1.7 million | +727.8% |
| 85 | Manganese ores, concentrates | $1.6 million | +511.2% |
| 86 | Pumice stone, emery, corundum, garnet | $1.6 million | no 2017 data |
| 87 | Laminated wood (including plywood, veneer panels) | $1.6 million | +2.5% |
| 88 | Packing sacks, bags | $1.5 million | -86% |
| 89 | Miscellaneous iron/non-alloy steel ingots | $1.5 million | no 2017 data |
| 90 | Chocolate, other cocoa preparations | $1.4 million | +2,419% |
| 91 | Fuel wood, wood chips, sawdust | $1.4 million | no 2017 data |
| 92 | Natural gums, resins, balsams | $1.3 million | +48.6% |
| 93 | Sugar confectionery (no cocoa) | $1.3 million | +7.7% |
| 94 | #N/A | $1.3 million | +4.5% |
| 95 | Miscellaneous animal feed preparations | $1.2 million | +1,417% |
| 96 | Tobacco-making machinery | $1.1 million | no 2017 data |
| 97 | Beauty/makeup/skin care preparations | $1.1 million | -25.7% |
| 98 | Tin ores, concentrates | $1 million | +2,128% |
| 99 | Bread, biscuits, cakes, pastries | $1 million | +22.1% |
| 100 | Cocoa powder (no added sugar) | $991 | +7.3% |
| 101 | Fruit and vegetable juices | $967 | -35.4% |
| 102 | Lead waste, scrap | $957 | no 2017 data |
| 103 | Plant foliage, branches, other parts | $928 | no 2017 data |
| 104 | Electric generating sets, converters | $917 | -61% |
| 105 | Onions, garlic, leeks | $850 | +94.1% |
| 106 | Synthetic organic coloring | $824 | no 2017 data |
| 107 | Railway/tram wood cross-ties | $801 | -89.7% |
| 108 | Plastics waste, scrap | $770 | +647.6% |
| 109 | Perfumes, toilet waters | $758 | +365% |
| 110 | Miscellaneous machine electrical parts | $728 | -52.3% |
| 111 | Stoppers, caps, lids, crown corks | $720 | -29.3% |
| 112 | Hay, alfalfa, clover | $701 | no 2017 data |
| 113 | Wood marquetry, caskets, cases | $631 | no 2017 data |
| 114 | Starches, inulin | $628 | -26.8% |
| 115 | Human hair, wool | $613 | no 2017 data |
| 116 | Sowing seeds, fruits, spores | $583 | +29,050% |
| 117 | Vinyl chloride polymers | $581 | no 2017 data |
| 118 | Carrots, turnips, beetroot, radishes | $559 | +230.8% |
| 119 | Aquatic invertebrates not crustaceans/molluscs | $558 | no 2017 data |
| 120 | Sorghum grain | $549 | no 2017 data |
| 121 | Textile coverings/carpets | $548 | no 2017 data |
| 122 | Non-sublimed sulphur | $546 | no 2017 data |
| 123 | Sanitary towels, baby napkins/liners | $542 | -59.2% |
| 124 | Float/ground/polished glass in sheets | $532 | +66.8% |
| 125 | Coal, solid fuels made from coal | $526 | +484.4% |
| 126 | Hair preparations | $507 | +77.3% |
| 127 | Paper labels | $505 | +2,096% |
| 128 | Flour, meal or powder of peas/beans/lentils | $496 | +77.8% |
| 129 | Medication mixes in dosage | $495 | -10.5% |
| 130 | Uncombed synthetic staple fibers for spinning | $486 | -16.1% |
| 131 | Ball-point pens, felt-tipped markers, fountain pens | $376 | +116.1% |
| 132 | Flat-rolled iron or non-alloy steel products (plated/coated) | $364 | +225% |
| 133 | Granite/basalt/sandstone monument, building stone | $360 | +471.4% |
| 134 | Shaped wood | $359 | -85.5% |
| 135 | Dried shelled vegetables | $351 | +1,154% |
| 136 | Bones, horn-cores, powder/waste | $336 | +150.7% |
| 137 | Sort/screen/washing machinery | $336 | no 2017 data |
| 138 | Ammonia | $328 | no 2017 data |
| 139 | Tea (including flavored) | $327 | +1,535% |
| 140 | Synthetic filament yarn | $319 | +215.8% |
| 141 | Copper waste, scrap | $315 | -77.5% |
| 142 | Solid-form sugars, fructose, glucose, lactose | $313 | +943.3% |
| 143 | Beryllium | $290 | +1712.5% |
| 144 | Cereal straws, husks | $287 | no 2017 data |
| 145 | Miscellaneous animal products | $279 | +187.6% |
| 146 | Paper containers, cellulose wadding | $262 | +670.6% |
| 147 | Vegetable saps, extracts | $255 | +3,088% |
| 148 | Natural sands | $254 | -19.6% |
| 149 | Residual lyes from wood pulp | $245 | -42.2% |
| 150 | Other coloring matter, luminophores | $232 | -20.5% |
| 151 | Printing machinery | $213 | no 2017 data |
| 152 | Mica, mica waste | $209 | +221.5% |
| 153 | Personal toilet/shaving preparations, deodorants | $200 | -27% |
| 154 | Weighing/counting/checking machines | $197 | no 2017 data |
| 155 | Dried fruit | $195 | no 2017 data |
| 156 | Automobile parts/accessories | $186 | +9.4% |
| 157 | Electrical/optical circuit boards, panels | $183 | +369.2% |
| 158 | Miscellaneous nuts | $182 | +1,555% |
| 159 | Pipe/chewing/snuff tobaccos | $180 | no 2017 data |
| 160 | Plastic tubes, pipes, fittings | $180 | -99.1% |
| 161 | Cyclic hydrocarbons | $177 | no 2017 data |
| 162 | Miscellaneous rawhides, skins | $176 | no 2017 data |
| 163 | Self-adhesive plastic in rolls | $175 | -58.7% |
| 164 | Palm oil | $174 | -93.4% |
| 165 | Organo-sulphur compounds | $173 | no 2017 data |
| 166 | Yarn (not sewing thread) for retail sale | $173 | no 2017 data |
| 167 | Mate | $166 | no 2017 data |
| 168 | Wheat | $159 | no 2017 data |
| 169 | Vermiculite, perlite, other mineral substances | $158 | +485.2% |
| 170 | Miscellaneous/adhesive paper | $158 | +5,167% |
| 171 | Ethyl alcohol | $156 | no 2017 data |
| 172 | Lead oxides, red/orange lead | $154 | +97.4% |
| 173 | Fluorine/chlorine/bromine/iodine | $151 | no 2017 data |
| 174 | Cobalt ores, concentrates | $142 | +115.2% |
| 175 | Miscellaneous vegetable products | $140 | no 2017 data |
| 176 | Safes, strongboxes, lockers | $138 | no 2017 data |
| 177 | Styrene polymers | $135 | no 2017 data |
| 178 | Registers, notebooks, letter pads | $134 | +97.1% |
| 179 | Sutures, special pharmaceutical goods | $128 | no 2017 data |
| 180 | Vegetable/bees/insect waxes | $128 | no 2017 data |
| 181 | Precious metal compounds | $127 | no 2017 data |
| 182 | Electric motor parts | $127 | no 2017 data |
| 183 | Crustaceans, molluscs (preserved/prepared) | $126 | no 2017 data |
| 184 | Copper ores, concentrates | $125 | +145.1% |
| 185 | Aluminum bars/rods | $125 | no 2017 data |
| 186 | Alcohol (including spirits, liqueurs) | $122 | -21.8% |
| 187 | Metal-containing ash, residues | $122 | no 2017 data |
| 188 | Miscellaneous meat (preserved/prepared) | $122 | -19.7% |
| 189 | Densified wood in blocks/plates/strips | $117 | -90% |
| 190 | Polyamides | $116 | no 2017 data |
| 191 | Kaolinic clays | $116 | +14.9% |
| 192 | Essential oils | $114 | no 2017 data |
| 193 | Zinc dust, powders, flakes | $114 | -83.5% |
| 194 | Silicones | $108 | -89.6% |
| 195 | Pig iron | $105 | no 2017 data |
| 196 | Tufted carpets/textile floor coverings | $104 | -46.9% |
| 197 | Mufflers, nozzles, plugs, tubes, pipes | $102 | no 2017 data |
| 198 | Non-granulated slag, dross | $100 | no 2017 data |
| 199 | Printed books, brochures | $99 | no 2017 data |
| 200 | Scents used for beverage or industrial manufacturing | $98 | +988.9% |
These 200 exported goods were worth a subtotal of US$52.885 billion or 99.9% by value for all products exported from Nigeria during 2018.
See also Top African Export Countries, Nigeria’s Top 10 Imports and Nigeria’s Top Trading Partners
Research Sources:
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 27, 2019
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 27, 2019
Investopedia, Net Exports Definition. Accessed on March 27, 2019
Trade Map, International Trade Centre. Accessed on June 27, 2019
Wikipedia, Gross domestic product. Accessed on June 27, 2019
Wikipedia, List of Companies of Nigeria. Accessed on March 27, 2019
Wikipedia, Nigeria. Accessed on March 27, 2019
Wikipedia, Purchasing power parity. Accessed on June 27, 2019
World’s Richest Countries, Targeted research > Enriching insights > Global opportunities (GDP based on Purchasing Power Parity). Accessed on June 27, 2019
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