Nigeria - Foreign trade

Nigeria's exports have been on a dramatic upswing in recent years. Between 1998 and 1999, they grew more than three-fold, and by 2000 nearly doubled again. Exports in 2002 were 95% dominated by crude oil. Cocoa was the largest agricultural export. Leading imports were machinery, chemicals, transportation equipment, manufactured goods, and food.

The US was Nigeria's biggest trade partner, followed by India. Nigeria (the largest supplier of oil to the US) exported $8.5 billion worth of oil to the US. Principal trading partners in 2000 (in millions of US dollars) were as follows:

COUNTRY	EXPORTS	IMPORTS	BALANCE
United States	16,615	954	15,661
India	5,664	288	5,376
Spain	3,390	110	3,102
France	2,395	470	1,925
Italy	1,615	394	1,221
Côte d'Ivoire	1,217	n.a.	n.a.
Brazil	964	259	705
Netherlands	366	364	2
China (inc. Hong Kong)	203	492	-289
Germany	162	859	-697
United Kingdom	10	1,091	-1,081

User Contributions:

ugorji Precious

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from this report above,it is very evident that the United States is Nigeria's greatest trading partner.Why does it seem like Chinese products dominate Nigeria's markets.

Akinsanya sunday adisa

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apart from cocoa which is the major export product, let us also develop our other agricultural product like colanut, fibre , rubber etc

kelvin

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apart from the cocoa the largest, Nigeria still import things like petroleum,kerosine on lower rate to foreign country, while higher rate in Nigeria most especially in delta state.

Amos Ayodele Adeleke

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@ Ugorji Precious, thanks for the observation. The reason why China products dominate Nigeria is because we import house hold products from China and we imports consumable products from USA. If we import House hold products such as plastic, perfumery, cosmetic, or toilet preparations, electronics, foot wears, T-shirts, hand bags, and etc from China, definately those are the products that will dominates Nigeria. Nigeria imports refined oil and gas, chemicals, food, and etc from USA and those products disapear into the air after use which is contrary to the other products, as a result of the products nature, so to speak. Thanks.

Emeka

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Good contributions and answers. To begin with, value of the currency, trade policies, frieght activities and all other factor affecting inter-national trades are very friendly, libral and efficient as the case may be in china and other asian inddustralised nations whose products are flooding other nations today than those os the usa and other european nations. Simply put, china is keen to move their products fast and with good caution in fact they see it as a game which must be won without or limiting the posible emergeabl losses.
thanks, emeka

Abubaka Alkali

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What are the composition of Nigerias foreign trade?

Mufutau A. Abdul-Yakeen

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I want to know the first twenty countries that trade with Nigeria in this millennium.

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