That dollar amount reflects a 13.1% upturn from $53.6 billion five years earlier during 2019.
From 2022 to 2023, the total value of Nigerian exports fell by -4.2% compared to $63.3 billion starting in 2022.
Based on our calculated exchange rate for 2023, the Nigerian naira depreciated by -397.2% against the US dollar since 2019 and declined by -258.2% from 2022 to 2023. Nigeria’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers.
Nigeria’s 3 biggest trading partners (Netherlands, Spain and India) bought nearly a third (30.3%) of total Nigerian exported products in 2023 as measured in US dollars.
Applying a continental lens, 45.5% of Nigeria’s exports by value was delivered to European countries while 26.7% was sold to importers in Asia. Nigeria shipped another 13.5% worth of goods to buyers in North America.
Smaller percentages went to Africa (10.4%), Latin America (3.7%) excluding Mexico but including the Caribbean and Oceania’s Australia only (0.2%).
Nigeria’s Top Trading Partners
Below is a list showcasing 25 of Nigeria’s top trading partners, countries that imported the most Nigerian shipments by dollar value during 2023. Also shown is each import country’s percentage consumption of total Nigerian exports.
- Netherlands: US$7.6 billion (12.6% of total Nigerian exports)
- Spain: $5.7 billion (9.4%)
- India: $5.1 billion (8.4%)
- United States: $4.5 billion (7.5%)
- Indonesia: $3.97 billion (6.5%)
- France: $3.96 billion (6.5%)
- Canada: $3.6 billion (5.9%)
- Ivory Coast: $2.44 billion (4%)
- United Kingdom: $2.38 billion (3.9%)
- Italy: $2.35 billion (3.9%)
- South Africa: $2.2 billion (3.6%)
- Portugal: $1.6 billion (2.6%)
- mainland China: $1.5 billion (2.5%)
- Türkiye: $1.2 billion (1.9%)
- Germany: $887.2 million (1.5%)
- Senegal: $842.7 million (1.4%)
- Brazil: $778.3 million (1.3%)
- Sweden: $735.5 million (1.2%)
- Poland: $696.7 million (1.1%)
- South Korea: $668.1 million (1.1%)
- Peru: $576.8 million (1%)
- Thailand: $544.9 million (0.9%)
- Malaysia: $532.9 million (0.9%)
- Israel: $514.8 million (0.8%)
- Vietnam: $489.2 million (0.8%)
A growing percentage (91.3%) of Nigerian exports in 2023 was delivered to the above 25 trading partners.
The fastest growers among Nigeria’s top trading importers increasing their consumption of Nigerian commodities from 2022 to 2023 were buyers in Israel (up 139.7%), Vietnam (up 137.7%), Canada (up 90.2%), United Kingdom (up 88.5%) and mainland China (up 80.5%).
Posting the strongest declines among major Nigerian trade customers were Brazil (down -57.2%), Sweden (down -43.5%), Thailand (down -39.2%), India (down -36.6%) and Spain (down -24.6%).
Trade Partners Causing Biggest Trade Deficits for Nigeria
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
In 2023, Nigeria incurred the highest trade deficits with the following countries.
- mainland China: -US$9.6 billion (country-specific trade deficit in 2023)
- Singapore: -$8.4 billion
- Belgium: -$5.4 billion
- Malta: -$2.1 billion
- Russia: -$1.4 billion
- Saudi Arabia: -$1.3 billion
- South Korea: -$943.5 million
- United Arab Emirates: -$787.1 million
- Latvia: -$666.9 million
- Norway: -$626.7 million
Among Nigeria’s trading partners that cause the greatest negative trade balances, Nigerian deficits with Malta (up 49,214%), Singapore (up 1,754%) and Saudi Arabia (up 1,447%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Nigeria’s competitive disadvantages with the above countries, but also represent key opportunities for Nigeria to develop country-specific strategies to strengthen its overall position in international trade.
Trade Partners Generating Greatest Trade Surpluses for Nigeria
Overall, Nigeria earned a US$75.5 million trade surplus for 2023, shrinking by -97.4% from a $2.85 billion surplus one year earlier in 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
In 2023, Nigeria incurred the highest trade surpluses with the following countries.
- Spain: US$5.2 billion (country-specific trade surplus in 2023)
- Netherlands: $4.6 billion
- Indonesia: $3.6 billion
- France: $3.2 billion
- Canada: $3.1 billion
- Ivory Coast: $2.3 billion
- South Africa: $1.7 billion
- Portugal: $1.5 billion
- Italy: $1.3 billion
- United Kingdom: $1.2 billion
Among Nigeria’s trading partners that generate the greatest positive trade balances, Nigerian surpluses with Canada (up 109.6%), South Africa (up 101%) and France (up 86.8%) grew at the fastest pace from 2022 to 2023.
In addition, Nigeria reversed multi-billion-dollar trade deficits in 2022 trading with the Netherlands and the UK to record the surpluses listed above for 2023.
These positive cashflow streams clearly indicate Nigeria’s competitive advantages with the above countries, but also represent key opportunities for Nigeria to develop country-specific strategies to optimize its overall position in international trade.
Nigeria’s Major 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)
See also Nigeria’s Top 10 Imports, Nigeria’s Top 10 Exports and Top African Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Africa: Nigeria. Accessed on August 2, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 2, 2024
International Trade Centre, Trade Map. Accessed on August 2, 2024
Investopedia, Net Exports Definition. Accessed on August 2, 2024
Wikipedia, Romania. Accessed on August 2, 2024
Wikipedia, List of Companies of Romania. Accessed on August 2, 2024