Nigeria’s 3 most top imported products are refined petroleum oils, cars and smartphones. That triad of leading imported goods represents over one-third (35%) of the overall value of Nigerian imports during 2021.
Based on the average exchange rate for 2021, the Nigerian naira depreciated by -32% against the US dollar since 2017 and declined by -12.5% from 2020 to 2021. Nigeria’s weaker local currency makes its imports paid for in stronger US dollars relatively more expensive for Nigerian importers starting from the naira.
Nigeria’s Major Suppliers for Imported Products
The latest available country-specific data shows that 75.6% of products imported into Nigeria were furnished by exporters in: mainland China (24.7% of the global total), Netherlands (10.3%), India (8.8%), Belgium (7.3%), United States of America (6.1%), Russia (4%), South Korea (2.8%), Norway (2.5%), Germany (2.4%), France (2.3%), Brazil (2.2%) and Italy (2%).
Applying a continental lens, Nigeria imported 46.5% of its imported goods by value from Asia. Another 40.1% came from suppliers in Europe with 7.2% arriving from North America.
Smaller percentages originated from Latin America (2.9%) excluding Mexico but including the Caribbean, fellow African nations (2.6%), and Oceania (0.7%) led by New Zealand and Australia.
Given Nigeria’s population of 211.4 million people, its total $52.4 billion in 2021 imports translates to roughly $250 in yearly product demand from every person in the West African country. That dollar metric falls below the average $260 per capita in Nigerian spending on imported products one year earlier in 2020.
Nigeria’s Top 10 Imports
The following product groups represent the highest dollar value in Nigeria’s import purchases during 2021. Also shown is the percentage share each product category represents in terms of overall imports into Nigeria.
- Mineral fuels including oil: US$16.3 billion (31% of total imports)
- Machinery including computers: $7.5 billion (14.2%)
- Vehicles: $3.5 billion (6.6%)
- Electrical machinery, equipment: $3.1 billion (5.9%)
- Cereals: $2.8 billion (5.3%)
- Plastics, plastic articles: $2.5 billion (4.9%)
- Pharmaceuticals: $1.4 billion (2.6%)
- Articles of iron or steel: $1.2 billion (2.2%)
- Optical, technical, medical apparatus: $1.1 billion (2.1%)
- Sugar, sugar confectionery: $987.1 million (1.9%)
By value, the top 10 categories represent more than three-quarters (76.7%) of imported goods into Nigeria during 2021.
Nigeria’s imported mineral fuels including oil posted the fastest-growing increase in value among the top 10 import categories, thanks to its 100.7% increase from 2020 to 2021. The most significant acceleration was for imported Nigerian refined petroleum oil.
In second place for higher purchases were imported cereals (up by 23.8%) notably wheat. Nigeria’s imports of items made from iron or steel (up 22.3%) also generated a healthy increase.
The major declining category was the pharmaceuticals product group due to its -51.7% drop year over year.
For more details, see the product category sections analyzed below.
Nigeria’s Most Valuable Mineral Fuel Imports Including Oil
In 2021, Nigerian importers spent the most on the following 10 subcategories of mineral fuels including oil.
- Processed petroleum oils: US$15.8 billion (up 105.4% from 2020)
- Petroleum oil residues: $228.5 million (up 38.5%)
- Petroleum gases: $80.8 million (down -25.6%)
- Petroleum jelly, mineral waxes: $73.7 million (down -7.3%)
- Coal, solid fuels made from coal: $19.7 million (up 119.4%)
- Natural bitumen, asphalt, shale: $7.6 million (down -42.9%)
- Coal tar oils (high temperature distillation): $5.4 million (down -11%)
- Asphalt/petroleum bitumen mixes: $703,000 (up 25.5%)
- Peat: $346,000 (up 6.5%)
- Lignite: $4,000 (2020 data unavailable)
Among these import subcategories, Nigerian purchases of coal including solid fuels made from coal (up 119.4%), processed petroleum oils (up 105.4%) then petroleum oil residues (up 38.5%) grew at the fastest pace from 2020 to 2021.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Nigerian businesses and consumers.
Nigeria’s Most Valuable Machinery Imports
In 2021, Nigerian importers spent the most on the following 10 subcategories of machinery.
- Taps, valves, similar appliances: US$708.5 million (down -23% from 2020)
- Rubber/plastic article making machines: $407.8 million (up 24.1%)
- Centrifuges, filters and purifiers: $363.2 million (down -24.8%)
- Liquid pumps and elevators: $352.8 million (up 6.6%)
- Temperature-change machines: $337.3 million (down -38.7%)
- Dishwashing, clean/dry/fill machines: $333.5 million (down -28.2%)
- Air conditioners: $237.5 million (down -15.6%)
- Sort/screen/washing machinery: $214.7 million (down -19.1%)
- Heavy machinery (bulldozers, excavators, road rollers): $197.4 million (down -17%)
- Refrigerators, freezers: $192.2 million (down -18.7%)
Among these import subcategories, Nigerian purchases of rubber or plastic article-making machines (up 24.1%) and liquid pumps or elevators (up 6.6%) grew from 2020 to 2021.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports among Nigerian businesses and consumers.
Nigeria’s Most Valuable Automotive Imports
In 2021, Nigerian importers spent the most on the following 10 subcategories of vehicles and related products.
- Cars: US$1.8 billion (down -39.9% from 2020)
- Motorcycles: $619.6 million (down -47%)
- Trucks: $356.6 million (up 21.7%)
- Automobile parts/accessories: $170.3 million (down -14.1%)
- Tractors: $145.4 million (up 8.1%)
- Public-transport vehicles: $92.1 million (down -14.2%)
- Chassis fitted with engine: $72.8 million (down -64.7%)
- Trailers: $50.5 million (up 18.6%)
- Special purpose vehicles: $48.5 million (down -6.8%)
- Armored vehicles, tanks: $48.1 million (down -53.7%)
Among these import subcategories, Nigerian purchases of trucks (up 21.7%), trailers (up 18.6%) then tractors (up 8.1%) grew from 2020 to 2021.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of vehicles-related imports among Nigerian businesses and consumers.
Nigeria’s Most Valuable Electrical Imports
In 2021, Nigerian importers spent the most on the following subcategories of electric items including consumer electronics.
- Phone devices including smartphones: US$772.2 million (up 0.9% from 2020)
- Electric generating sets, converters: $338.4 million (down -25.9%)
- Electrical converters/power units: $272.4 million (down -40.5%)
- TV receivers/monitors/projectors: $223.7 million (down -17.2%)
- High-voltage switches, fuses: $182.2 million (up 49.3%)
- Insulated wire/cable: $174 million (up 30.5%)
- Insulating fitting: $170.7 million (up 116.6%)
- Electrical/optical circuit boards, panels: $130.1 million (up 28%)
- Electric storage batteries: $88.6 million (down -35.1%)
- Electric motors, generators: $87.4 million (down -39.1%)
Among these import subcategories, Nigerian purchases of insulating fitting (up 116.6%), high-voltage switches and fuses (up 49.3%) then insulated wire or cable (up 30.5%) grew at the fastest pace from 2020 to 2021.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electrical products among Nigerian businesses and consumers.
See also Nigeria’s Top 10 Exports, Nigeria’s Top Trading Partners and Top African Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Africa: Nigeria. Accessed on May 29, 2022
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 29, 2022
International Trade Centre, Trade Map. Accessed on May 29, 2022
Investopedia, Net Exports Definition. Accessed on May 29, 2022
Wikipedia, List of Companies of Nigeria. Accessed on May 29, 2022
Wikipedia, Nigeria. Accessed on May 29, 2022
