Detailed Analysis of Nigeria Import and Export Trade 2023

Nigeria is an African country based on the Gulf of Guinea and is known as the Federal Republic of Nigeria. The country is home to an abundance of wildlife sanctuaries and natural reserves, the different variety of traits in the wildlife of Nigeria acts as a major source of attraction for the site. The significant source of attractions includes monoliths like Zuma Rock outside the capital of Abuja. Nigeria shares its borders with countries like Chad, Cameroon, and Benin to the northeast, east, and west direction. When it comes to cultural diversity, the nation has a diverse range of ethnic groups that is more than 250 in number.

Nigeria has recorded its name in the seventh most populous country in the world with a total population of 200 million. The land area of Nigeria is around 923,768 square kilometers and caters to 36 states and one federal capital territory. People there practice English as their native and official language followed by 500 other native languages like Hausa, Yoruba, and Kanuri. The overgrowing industries of the nation along with the government’s relentless efforts have accounted for a GDP of 502 billion US dollars in 2023.

Top 10 Imported Products of Nigeria 2023

The government used to import a variety of mechanical and medicinal products from different nations to fulfill the domestic needs of the industries. As per the Nigeria Import Data, the top 10 products that the country had exported in 2023 with its trade values are discussed below,

• Refined petroleum (HS code - 27) – Import trade value of 2023 – 15 billion US dollars.

• Cars (HS code - 87) – Import trade value of 2023 – 7 billion US dollars.

• Wheat (HS code - 10) – Import trade value of 2023 – 4 billion US dollars.

• Pharmaceuticals (HS code - 29) – Import trade value of 2023 – 2 billion US dollars.

• Machinery (HS code - 84) – Import trade value of 2023 – 2 billion US dollars.

• Rice  (HS code - 10) – Import trade value of 2023 – 1 billion US dollars.

• Rubber (HS code - 65) – Import trade value of 2023 – 900 million US dollars.

• Fish (HS code - 03) – Import trade value of 2023 – 700 million US dollars.

• Textile fabrics (HS code - 59) – Import trade value of 2023 – 600 million US dollars.

• Iron and steel (HS code - 72) – Import trade value of 2023 – 500 million US dollars.

Top 10 Import Destinations of Nigeria 2023

The detailed analysis of Nigeria Customs Data showcases the below-mentioned countries as the top 10 destinations of the nation. The annual import revenue of the nations and its share are mentioned below,

• China – Annual import trade revenue of 2023 – 15 billion US dollars; Total share – 30%.

• United States – Annual import trade revenue of 2023 – 9 billion US dollars; Total share – 15%.

• India – Annual import trade revenue of 2023 – 5 billion US dollars; Total share – 9%.

• Netherlands – Annual import trade revenue of 2023 – 4 billion US dollars; Total share – 4%.

• Belgium – Annual import trade revenue of 2023 – 3 billion US dollars; Total share – 6%.

• United Kingdom – Annual import trade revenue of 2023 – 2 billion US dollars; Total share – 6%.

• Germany – Annual import trade revenue of 2023 – 1.5 billion US dollars; Total share – 5%.

• Brazil – Annual import trade revenue of 2023 – 1.2 billion US dollars; Total share – 5%.

• Spain – Annual import trade revenue of 2023 – 1 billion US dollars; Total share – 4%.

• France – Annual import trade revenue of 2023 – 900 million US dollars; Total share – 2%.

Top 10 Exported Products of Nigeria 2023

The exports of Nigeria heavily contribute to the economic growth by increasing the annual revenue. As per the Nigeria Export Data, the top 10 products that the country used to export to different nations with its trade values are below,

• Crude oils (HS code - 15) – Export trade value of 2023 – 72 billion US dollars.

• Natural gas (HS code - 27) – Export trade value of 2023 – 33 billion US dollars.

• Cocoa beans (HS code - 18) – Export trade value of 2023 – 6 billion US dollars.

• Cashews (HS code - 20) – Export trade value of 2023 – 2 billion US dollars.

• Sesame seeds (HS code - 12) – Export trade value of 2023 – 1.5 billion US dollars.

• Rubbers (HS code - 65) – Export trade value of 2023 – 1 billion US dollars.

• Fruits and vegetables (HS code - 07) – Export trade value of 2023 – 800 million US dollars.

• Petroleum products (HS code - 27) – Export trade value of 2023 – 500 million US dollars.

• Leather products (HS code - 42) – Export trade value of 2023 – 400 million US dollars.

• Cotton (HS code - 52) – Export trade value of 2023 – 300 million US dollars.

Top 10 Export Destinations of Nigeria 2023

The top 10 nations where Nigeria exports most of its manufactured products with its annual import trade and share according to the Nigeria Trade Data are discussed below,

• China – Annual export trade revenue of 2023 – 16 billion US dollars; Total share – 23%.

• United States – Annual export trade revenue of 2023 – 15 billion US dollars; Total share – 11%.

• India – Annual export trade revenue of 2023 – 12 billion US dollars; Total share – 8%.

• Netherlands – Annual export trade revenue of 2023 – 8 billion US dollars; Total share – 7%.

• Belgium – Annual export trade revenue of 2023 – 5 billion US dollars; Total share – 5%.

• United Kingdom – Annual export trade revenue of 2023 – 4 billion US dollars; Total share – 3%.

• Germany – Annual export trade revenue of 2023 – 3 billion US dollars; Total share – 3%.

• Brazil – Annual export trade revenue of 2023 – 2 billion US dollars; Total share – 2%.

• Spain – Annual export trade revenue of 2023 – 1.5 billion US dollars; Total share – 2%.

• France – Annual export trade revenue of 2023 – 1.2 billion US dollars; Total share – 1%.

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