Nigerian flag (sciencekids.co.nz)
From January to March 2018, exported goods from Nigeria were valued at $13 billion. This three-month metric puts Nigerian exports on track for an annualized $52.1 billion estimated for all 2018.
From a continental perspective, well over a third (37.4%) of Nigerian exports were sent to European countries while 29.6% worth was destined for Asia. Another 16.5% was delivered to North America, 12.1% went to Africa with 3.3% bought by importers in Latin America excluding Mexico but including the Caribbean.
Based on estimates from the Central Intelligence Agency’s World Factbook, Nigeria’s exported goods plus services represent 12.5% of total Nigerian economic output or Gross Domestic Product. The analysis below focuses on exported products only.
Given Nigeria’s population of 190.6 million people, the total $44.5 billion in 2017 Nigerian exports translates to roughly $220 for every person in the West African country.
Nigeria’s unemployment rate was an estimated 18.8% as of September 2017 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 2017. Also shown is the percentage share each export category represents in terms of overall exports from Nigeria.
- Mineral fuels including oil: US$39.1 billion (96% of total exports)
- Ships, boats: $253.5 million (0.6%)
- Cocoa: $238.1 million (0.6%)
- Oil seeds: $180.9 million (0.4%)
- Fertilizers: $149.8 million (0.4%)
- Tobacco, manufactured substitutes: $102.4 million (0.3%)
- Plastics, plastic articles: $78.1 million (0.2%)
- Fruits, nuts: $76.1 million (0.2%)
- Raw hides, skins not furskins, leather: $67.9 million (0.2%)
- Rubber, rubber articles: $55.4 million (0.1%)
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.
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.
Advantages
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.
- Mineral fuels including oil: US$30.9 billion (Up by 41.5% since 2016)
- Cocoa: $225 million (Down by -23.1%)
- Oil seeds: $170.8 million (Up by 61.8%)
- Ships, boats: $120.1 million (Reversing a -$885.9 million deficit)
- Raw hides, skins not furskins, leather: $47.8 million (Up by 58.8%)
- Fruits, nuts: $31.9 million (Reversing a -$23.3 million deficit)
- Lead: $23.4 million (Down by -0.5%)
- Live trees, plants, cut flowers: $7.1 million (Up by 88.9%)
- Feathers, artificial flowers, hair: $6.7 million (Up by 169.6%)
- 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.
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$3.9 billion (Down by -36.4% since 2016)
- Electrical machinery, equipment: -$1.7 billion (Down by -27.1%)
- Vehicles: -$1.5 billion (Down by -9.4%)
- Cereals: -$1.4 billion (Up by 14%)
- Plastics, plastic articles: -$1.3 billion (Down by -12.2%)
- Articles of iron or steel: -$676.8 million (Down by -15.4%)
- Salt, sulphur, stone, cement: -$666.2 million (Up by 345.2%)
- Fish: -$646.4 million (Up by 15.2%)
- Other chemical goods: -$632.5 million (Up by 21.4%)
- Sugar, sugar confectionery: -$618.1 million (Down by -22.9%)
Nigeria has highly negative net exports and therefore deep international trade deficits under the machinery including computers category, notably mobile phones.
Companies
Nigerian Export Companies
Five Nigerian corporations rank among Forbes Global 2000 including three regional banks, an insurance conglomerate and a construction materials firm.
- Dangote Cement (construction materials)
- Equity Assurance (financial institution)
- FBN Holdings (regional bank)
- Guaranty Trust Bank (regional bank)
- Zenith Bank (regional bank)
Wikipedia also lists exporters from Nigeria. Selected examples are shown below:
- Julius Berger Nigeria (construction materials)
- Nigerian National Petroleum Corporation (oil, gas)
- Oando (oil, gas)
- ROCAD Construction Limited (oil, gas)
- Shell Nigeria (oil, gas)
Searchable List of Nigeria’s Most Valuable Export Products
At the more granular four-digit HTS code level, Nigeria’s top export products are crude oil and, to a lesser extent, petroleum gases, cocoa beans, high-temperature distilled coal tar oils, refined petroleum oils then nitrogenous fertilizers.
The following searchable table displays 200 of the most in-demand goods shipped from Nigeria during 2017. Shown beside each product label is its total export value then the percentage increase or decrease since 2016.
| Rank | Nigerian Export Product | 2017 Value (US$) | Change |
|---|---|---|---|
| 1 | Crude oil | $36.1 billion | +34% |
| 2 | Petroleum gases | $6.2 billion | +34.5% |
| 3 | Cocoa beans | $191.1 million | -19.8% |
| 4 | Coal tar oils (high temperature distillation) | $183.1 million | +220.1% |
| 5 | Processed petroleum oils | $180.2 million | +436.4% |
| 6 | Nitrogenous fertilizers | $165.7 million | +178.1% |
| 7 | Breaker vessels | $145.9 million | No 2016 data |
| 8 | Oil seeds | $136.1 million | +26.7% |
| 9 | Cruise/cargo ships, barges | $113.4 million | No 2016 data |
| 10 | Electrical energy | $112.1 million | -2% |
| 11 | Cigars/cigarellos, cigarettes | $111.5 million | -5.2% |
| 12 | Cashew nuts | $80.6 million | +148.4% |
| 13 | Natural rubber | $59.9 million | +59% |
| 14 | Hydraulic cements | $58.4 million | +101.4% |
| 15 | Ethylene polymers | $54 million | +81.4% |
| 16 | Crustaceans (including lobsters) | $49.6 million | -15.7% |
| 17 | Cocoa butter, fat, oil | $49 million | -10.7% |
| 18 | Further-prepared leather | $43.8 million | +139.4% |
| 19 | Soya beans | $27.9 million | +2,148% |
| 20 | Oil seed flour/meal | $26.8 million | +122.7% |
| 21 | Pasta, couscous | $25.2 million | +4% |
| 22 | Lead (unwrought) | $25.1 million | +10% |
| 23 | Aluminum (unwrought) | $22.2 million | -5.6% |
| 24 | Sheep/lamb leather | $21.6 million | +28.7% |
| 25 | Plastic tubes, pipes, fittings | $19.9 million | +24,121% |
| 26 | Bran, other residues | $14.4 million | -4.2% |
| 27 | Packaged insecticides/fungicides/herbicides | $14.3 million | -1.5% |
| 28 | Wigs, false beards, eyelasses | $14.1 million | +37.9% |
| 29 | Non-alcoholic drinks (not water/juice/milk) | $13.6 million | +50.9% |
| 30 | Soya-bean oil-cake, other solid residues | $12.9 million | +10,030% |
| 31 | Packing sacks, bags | $12.1 million | -19.3% |
| 32 | Aluminum containers | $10.9 million | +14.5% |
| 33 | Iron or non-alloy steel products (semi-finished) | $10.1 million | No 2016 data |
| 34 | Wood charcoal | $9.7 million | +206.8% |
| 35 | Light vessels, fire boats, floating docks | $9.2 million | No 2016 data |
| 36 | Goat/kidskin leather | $8.5 million | -29% |
| 37 | Cocoa paste | $8.5 million | +604.7% |
| 38 | Ginger, saffron, turmeric, thyme, other spices | $8.4 million | -9.1% |
| 39 | Railway/streetcar sleepers | $8.2 million | +1,123% |
| 40 | Fresh or dried flowers (for bouquets, ornamental) | $8.2 million | +98.3% |
| 41 | Other organic cleaning preparations | $8.1 million | -23.5% |
| 42 | Rough wood | $7.7 million | +39.9% |
| 43 | Coconut/palm/babassu oil | $7.1 million | +56.6% |
| 44 | Soups, broths | $7 million | +56% |
| 45 | Other food preparations | $6.6 million | +128% |
| 46 | Cocoa waste including shells, husks | $6.5 million | -21.5% |
| 47 | Malt beer | $6.3 million | +51% |
| 48 | Bottles, flasks, jars, pots, other containers | $6.1 million | -45.5% |
| 49 | Unroasted ground-nuts | $6 million | +719.4% |
| 50 | Zinc ores, concentrates | $4.9 million | +68.5% |
| 51 | Other iron or non-alloy steel bars, rods | $4.4 million | +29% |
| 52 | Concentrated/sweetened milk, cream | $4.3 million | -33.6% |
| 53 | Footwear (rubber or plastic) | $3.5 million | +47.4% |
| 54 | Cotton (uncarded, uncombed) | $3.5 million | +296.1% |
| 55 | Plastic plates, sheets, film, tape, strips | $3.4 million | +186.7% |
| 56 | Soaps, organic surface-active products | $2.9 million | -42.1% |
| 57 | Polyacetal/ether/carbonates | $2.9 million | -36.3% |
| 58 | Shaped wood | $2.8 million | +438.4% |
| 59 | Palm oil | $2.7 million | +2,178% |
| 60 | Iron or non-alloy steel bars, rods | $2.7 million | +20,838% |
| 61 | Oral/dental hygiene preparations | $2.6 million | -38% |
| 62 | Industrial preparation machinery | $2.6 million | No 2016 data |
| 63 | Electric generating sets, converters | $2.6 million | +439.7% |
| 64 | Yarn (85%+ cotton) | $2.3 million | -28.6% |
| 65 | Household/sanitary rolls | $2.3 million | +115.1% |
| 66 | Niobium/zirconium ores, concentrates | $2.2 million | +58.4% |
| 67 | Particle board, other ligneous materials | $2.1 million | -10.9% |
| 68 | Liquid pumps and elevators | $1.8 million | No 2016 data |
| 69 | Lead ores, concentrates | $1.8 million | -16.7% |
| 70 | Laminated wood (including plywood, veneer panels) | $1.8 million | +230.3% |
| 71 | Miscellaneous machine electrical parts | $1.7 million | +17,080% |
| 72 | Buttermilk, yogurt | $1.7 million | +655.3% |
| 73 | Fruit and vegetable juices | $1.7 million | +51% |
| 74 | Beauty/makeup/skin care preparations | $1.6 million | +32.3% |
| 75 | Copper waste, scrap | $1.6 million | +249.1% |
| 76 | Miscellaneous tin articles | $1.5 million | +191.1% |
| 77 | Plastic packing goods, lids, caps | $1.5 million | -27.5% |
| 78 | Propylene/olefin polymers | $1.5 million | +104.1% |
| 79 | Sanitary towels, baby napkins/liners | $1.5 million | -80.2% |
| 80 | Iron or non-alloy steel angles, shapes, sections | $1.4 million | +1,649% |
| 81 | Sauces, mixed condiments/seasonings | $1.4 million | -45.7% |
| 82 | Iron or steel tubes, pipes | $1.4 million | No 2016 data |
| 83 | Sugar confectionery (no cocoa) | $1.3 million | -43.3% |
| 84 | Inorganic acids, oxygen compounds | $1.3 million | +330.9% |
| 85 | Silicones | $1.2 million | No 2016 data |
| 86 | Densified/metallised wood in shapes | $1.2 million | -12.5% |
| 87 | Stoppers, caps, lids, corks, screw caps | $1.1 million | +30.6% |
| 88 | Natural gums, resins, balsams | $1.1 million | -36.6% |
| 89 | Starches, inuin | $971,000 | No 2016 data |
| 90 | Cocoa powder (no added sugar) | $962,000 | +497.5% |
| 91 | Bread, biscuits, cakes, pastries | $899,000 | -26.6% |
| 92 | Agricultural/forestry machinery | $804,000 | No 2016 data |
| 93 | Veneer sheets, sheets for sawn wood | $795,000 | No 2016 data |
| 94 | Survey/hydro/weather instruments | $786,000 | No 2016 data |
| 95 | Zinc dust, powders, flakes | $755,000 | +38% |
| 96 | Miscellaneous iron and steel structures | $653,000 | -80.3% |
| 97 | Uncombed synthetic staple fibers | $615,000 | +66.7% |
| 98 | Sawn wood | $614,000 | -59% |
| 99 | Leguminous vegetables (fresh/chilled) | $605,000 | -9.7% |
| 100 | Medication mixes in dosage | $589,000 | -29.5% |
| 101 | Coiled iron or non-alloy steel bars, rods | $527,000 | -62.2% |
| 102 | Buttons, press-fasteners, snap-fasteners | $525,000 | No 2016 data |
| 103 | Pencils, crayons, leads, pastels, chalks | $506,000 | No 2016 data |
| 104 | Onions, garlic, leeks (fresh/chilled) | $499,000 | +1,249% |
| 105 | Medicinal plants | $491,000 | +130.5% |
| 106 | Self-adhesive plastic in rolls | $489,000 | No 2016 data |
| 107 | Flour/meal/starch/malt extract food preparations | $484,000 | +127.2% |
| 108 | Wood pulp residual lyes | $465,000 | -81.6% |
| 109 | Refined copper, unwrought alloys | $459,000 | -50.6% |
| 110 | Trailers | $431,000 | No 2016 data |
| 111 | Absestos-cement items, cellulose fiber-cement | $421,000 | -55.7% |
| 112 | Pneumatic hand tool | $378,000 | No 2016 data |
| 113 | Float/ground/polished glass in sheets | $346,000 | +119% |
| 114 | Natural sands | $346,000 | +4,225% |
| 115 | Miscellaneous lead articles | $325,000 | -74.3% |
| 116 | Other coloring matter, luminophores | $322,000 | +485.5% |
| 117 | Hair preparations | $318,000 | -6.5% |
| 118 | Flour/meal/powder of peas, beans, lentils | $291,000 | +3.9% |
| 119 | Personal toilet/shaving preparations, deodorants | $284,000 | -77.2% |
| 120 | Manganese ores, concentrates | $276,000 | -92.9% |
| 121 | Wheat or meslin flour | $267,000 | No 2016 data |
| 122 | Aluminum plates, sheets, strips | $246,000 | +20% |
| 123 | Lead plates, sheets, foil, powders, flakes | $241,000 | No 2016 data |
| 124 | Hydrogen, rare gases | $219,000 | +682.1% |
| 125 | Tufted carpets/textile floor coverings | $212,000 | +37.7% |
| 126 | Seats (excluding barber/dentist chairs) | $205,000 | +64% |
| 127 | Tissues, napkins, toilet paper | $203,000 | No 2016 data |
| 128 | Pepper (dried/crushed/ground) | $202,000 | -11% |
| 129 | Miscellaneous iron or steel tubes, pipes | $197,000 | No 2016 data |
| 130 | Carrots, turnips, salad beetroot, radishes | $194,000 | +50.4% |
| 131 | Automobile parts/accessories | $192,000 | -46.4% |
| 132 | Woven fabrics (mixed) | $190,000 | -10% |
| 133 | Perfumes, toilet waters | $190,000 | +331.8% |
| 134 | Ball-point/felt-tipped pens, markers | $182,000 | +40% |
| 135 | Anti-knock/oxidation/gum inhibitors | $177,000 | No 2016 data |
| 136 | Temperature-change machines | $167,000 | +16,600% |
| 137 | Alcohol (including spirits, liqueurs) | $165,000 | -91.5% |
| 138 | Unglazed ceramic flags, cubes, hearth/wall tiles | $159,000 | No 2016 data |
| 139 | Miscellaneous oil cakes | $157,000 | -43.5% |
| 140 | Miscellaneous meat (preserved/prepared) | $156,000 | No 2016 data |
| 141 | Manioc, artichokes, sweet potatoes | $155,000 | +307.9% |
| 142 | Miscellaneous wooden articles | $153,000 | -24.3% |
| 143 | Bones, horn-cores including powder, waste | $151,000 | -41.7% |
| 144 | Amino-compounds (oxygen) | $148,000 | +261% |
| 145 | Miscellaneous ores, concentrates | $145,000 | No 2016 data |
| 146 | Spray/dispersing mechanical appliances | $141,000 | No 2016 data |
| 147 | Copper plates, sheets, strips | $134,000 | -6.9% |
| 148 | Quartz, quartzite | $133,000 | No 2016 data |
| 149 | Flat-rolled iron or non-alloy steel products (plated/coated) | $131,000 | -52.4% |
| 150 | Paper/paperboard waste, scrap | $124,000 | -72.2% |
| 151 | Prepared glues, other prepared adhesives | $124,000 | +26.5% |
| 152 | Special purpose vehicles | $121,000 | No 2016 data |
| 153 | Plastic tableware, kitchenware, toiletry | $120,000 | -2.4% |
| 154 | Plastics waste, scrap | $117,000 | +33% |
| 155 | Synthetic filament yarn | $117,000 | No 2016 data |
| 156 | Kaolin, other kaolinic clays | $108,000 | +980% |
| 157 | Miscellaneous animal products | $108,000 | No 2016 data |
| 158 | Refrigerators, freezers | $104,000 | No 2016 data |
| 159 | Bombs, grenades, ammunition | $103,000 | +186.1% |
| 160 | Plastic tile or roll coverings | $99,000 | -31.3% |
| 161 | Miscellaneous zinc articles | $95,000 | -87% |
| 162 | Miscellaneous animal feed preparations | $92,000 | No 2016 data |
| 163 | Coal, solid fuels made from coal | $92,000 | No 2016 data |
| 164 | Lead oxides, red/orange lead | $91,000 | -82.1% |
| 165 | Miscellaneous furniture | $88,000 | -85.2% |
| 166 | Medication mixes not in dosage | $87,000 | -1.1% |
| 167 | Whey | $86,000 | +273.9% |
| 168 | Fresh or chilled beef | $86,000 | No 2016 data |
| 169 | Moulding boxes/base | $85,000 | +117.9% |
| 170 | Cobalt ores, concentrates | $78,000 | No 2016 data |
| 171 | Mica, mica waste | $75,000 | +8.7% |
| 172 | Registers, account books, note books | $75,000 | No 2016 data |
| 173 | Granite, sandstone monument/building stone | $74,000 | No 2016 data |
| 174 | Fixed vegetable fats/oils | $69,000 | -1.4% |
| 175 | Salts including table/denatured salt | $66,000 | -31.3% |
| 176 | Chocolate, other cocoa preparations | $60,000 | -70.1% |
| 177 | Copper ores, concentrates | $56,000 | No 2016 data |
| 178 | Tin ores, concentrates | $51,000 | -79% |
| 179 | Tomatoes (prepared/preserved) | $51,000 | +218.8% |
| 180 | Packing cases, boxes, crates, drums | $48,000 | No 2016 data |
| 181 | Iron and steel reservoirs, tanks, vats | $46,000 | No 2016 data |
| 182 | Electrical/optical circuit boards, panels | $40,000 | -64.9% |
| 183 | Photographic cameras, apparatus | $40,000 | No 2016 data |
| 184 | Paper containers, cellulose wadding | $40,000 | No 2016 data |
| 185 | Gypsum, anhydrite, plasters | $40,000 | -34.4% |
| 186 | Carbon, carbon blacks | $40,000 | +100% |
| 187 | Clays | $38,000 | -72.7% |
| 188 | Yeasts | $38,000 | No 2016 data |
| 189 | Precious metal ores, concentrates | $36,000 | +500% |
| 190 | Solid-form sugars, fructose, glucose, lactose | $36,000 | No 2016 data |
| 191 | Regulate/control instruments | $36,000 | No 2016 data |
| 192 | Iron and steel stranded wire, cables (insulated) | $34,000 | No 2016 data |
| 193 | Vermiculite, perlite | $32,000 | No 2016 data |
| 194 | Aluminum foil (thin) | $31,000 | No 2016 data |
| 195 | Butter, ghee | $30,000 | -82.9% |
| 196 | Dried shelled vegetables | $30,000 | -98.8% |
| 197 | Corn | $30,000 | No 2016 data |
| 198 | Photographic plates/film, unexposed | $29,000 | No 2016 data |
| 199 | Motorcycles | $29,000 | No 2016 data |
| 200 | Paper labels | $27,000 | -27% |
These 200 exported goods were worth a subtotal of US$44.442 billion or 99.9% by value for all products exported from Nigeria during 2017.
See also Top African Export Countries, Nigeria’s Top 10 Imports and Nigeria’s Top Trading Partners
Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on August 11, 2018
The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on August 11, 2018
Trade Map, International Trade Centre. Accessed on August 11, 2018
Investopedia, Net Exports Definition. Accessed on August 11, 2018
Wikipedia, List of Companies of Nigeria. Accessed on August 11, 2018
Forbes 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 11, 2018
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