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:

Nigeria

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:

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Mar 2, 2011 @ 11:11 am
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.
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Apr 30, 2011 @ 4:16 pm
apart from cocoa which is the major export product, let us also develop our other agricultural product like colanut, fibre , rubber etc
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Aug 5, 2011 @ 4:04 am
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.
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Nov 17, 2011 @ 8:08 am
@ 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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Apr 17, 2012 @ 1:13 pm
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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Feb 13, 2013 @ 9:09 am
What are the composition of Nigerias foreign trade?
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Apr 3, 2014 @ 2:14 pm
I want to know the first twenty countries that trade with Nigeria in this millennium.

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