Nigeria - International trade

Nigeria exports primarily petroleum and other raw materials such as cocoa, rubber, palm kernels, organic oils, and fats. It imports secondary products such as chemicals, machinery, transport equipment, manufactured goods, food, and animals. The dependence on oil and a few other commodities for export caused Nigeria to become especially vulnerable to world oil price fluctuations.

During the colonial years, Britain was Nigeria's leading trading partner. After independence, Nigeria diversified its trading partners. It now trades worldwide with about 100 countries. The United States replaced Britain as the primary trading partner in the 1970s. However, Britain remains Nigeria's leading vendor, selling the former colony more than 14 percent of its imports in the 1990s. Other major trading partners are Germany, France, the Netherlands, Canada, Japan, Italy, and Spain. Nigeria's meager trade with Eastern Europe and the former Soviet Union declined even further after the collapse of Euro- Communism and the breakup of the Soviet Union in the early 1990s. Nigeria's trade with sister African countries—mainly with other West African members of the Economic Community of West Africa (ECOWAS,

Trade (expressed in billions of US$): Nigeria
Exports Imports
1975 7.845 6.041
1980 25.968 16.660
1985 12.548 8.877
1990 13.670 5.627
1995 34.179 34.488
1998 37.029 43.798
SOURCE: International Monetary Fund. International Financial Statistics Yearbook 1999.

created in 1975)—was only about 4 percent of its total trade in 1990.

Prior to 1966, Nigeria had a persistent trade deficit . The rapid growth of petroleum as an export commodity reversed the trend between 1966 and 1977. Sluggish international demand for Nigerian crude oil renewed the trade deficit from 1978 to 1983. Severe import restrictions and an economic structural adjustment program (ESAP) adopted to address the economic breakdown brought about trade surpluses from 1984 to 1986, and again in 1990. Monies sent home by Nigerian residents overseas helped to cushion the drastic effects of the deficit and the ESAP-induced decreased government spending on the population.

User Contributions:

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Oct 31, 2010 @ 1:13 pm
What a country,Blessed with all these resources and is among the poorest countries in the world,i pray one day,our eyes ll open for us to take what belong to us.
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Nov 1, 2010 @ 1:13 pm
This is wonderful,so Nigeria trade with or these powerful countries and still we lack behind in development.I think the country needs to sit down and look into matters.I pray one day we get there.
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Jan 31, 2011 @ 6:06 am
I solidly believe that one day, we shall be on the top if we reason as "ONE NIGERIA".
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Mar 6, 2011 @ 3:15 pm
Can u join me as i take an expository on these issues?
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Aug 4, 2011 @ 8:08 am
this is a good write up. ilove it.surely, nigeria WILL SOON BE RATED AMONG THE GREATEST COUNTRIES IN THE WORLD.
abdullahi shehu
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Oct 1, 2011 @ 8:08 am
The question please in full details.
1:Nigeria international trade partners and the goods they trade.
2:African countries and their currencies.
3:The major currencies used in internal trade

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