Top Import And Export Commodities Of Nigeria

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Nigeria, officially called the Federal Republic of Nigeria, is a country in West Africa. It is the most populous country in Africa; geographically situated between the Sahel to the north, and the Gulf of Guinea to the south in the Atlantic Ocean; covering an area of 923,769 square kilometers, with a population of over 211 million. Nigeria borders Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Nigeria is a federal republic comprising 36 states and the Federal Capital Territory, where the capital, Abuja, is located. The largest city in Nigeria is Lagos, one of the largest metropolitan areas in the world and the second-largest in Africa.

Nigeria has been home to several indigenous pre colonial states and kingdoms since the second millennium BC, with the Nok civilization in the 15th century BC marking the first internal unification in the country. The modern state originated with British colonialization in the 19th century, taking its present territorial shape with the merging of the Southern Nigeria Protectorate and Northern Nigeria Protectorate in 1914 by Lord Lugard. The British set up administrative and legal structures while practising indirect rule through traditional chiefdoms.

 Nigeria became a formally independent federation on October 1, 1960. It experienced a civil war from 1967 to 1970, followed by a succession of democratically elected civilian governments and military dictatorships, until achieving a stable democracy in the 1999 presidential election; the 2015 election was the first time an incumbent president had lost re-election.

Nigeria is a multinational state inhabited by more than 250 ethnic groups speaking 500 distinct languages, all identifying with a wide variety of cultures. The three largest ethnic groups are the Hausa and Fulani in the north, Yoruba in the west, and Igbo in the east, together comprising over 60 percent of the total population. The official language is English, chosen to facilitate linguistic unity at the national level. Nigeria’s constitution ensures freedom of religion and it is home to some of the world’s largest Muslim and Christian populations, simultaneously. Nigeria is divided roughly in half between Muslims, who live mostly in the north, and Christians, who live mostly in the south; indigenous religions, such as those native to the Igbo and Yoruba ethnicities, are in the minority.

Nigeria’s economy is the largest in Africa, the 27th largest in the world by nominal GDP, and 25th largest by PPP. Nigeria is often referred to as the Giant of Africa owing to its large population and economy and is considered to be an emerging market by the World Bank. It is a regional power in Africa, a middle power in international affairs, and is an emerging global power. However, the country ranks very low in the Human Development Index and remains one of the most corrupt nations in the world. Nigeria is a founding member of the African Union and a member of many international organizations, including the United Nations, the Commonwealth of Nations, NAM, the Economic Community of West African States, and OPEC. It is also a member of the informal MINT group of countries and is one of the Next Eleven economies.

Now, let’s take a look at Nigeria’s economy we’ll give you an overview of the Nigerian economy, including the country’s primary imports and exports of goods and services.

Overview Of The Nigerian Economy of Nigeria

The Republic of Nigeria is commonly referred to more simply as Nigeria, and this West African country is the 50th largest export economy in the world.

Nigeria enjoys a positive annual trade balance of 10.9 billion dollars after deducting imports of 48.7 billion dollars from its export total of 59.5 billion. The value of its exports has fallen by minus 38 billion over the last five years, falling from 97.6 billion dollars to 59.5 billion Dollars. Nigeria’s GDP The GDP of Nigeria is 397 billion dollars, which equates to a GDP per capita of 2,028 dollars. The African country is ranked 134 out of 137 on the Economic Complexity Index. 

Nigeria’s Top 5 Commodity Exports includes: Crude Petroleum with an annual average export value of 45 billion dollars, Petroleum Gas valued at 8.6 billion dollars, Refined Petroleum valued at 940 million dollars, Cocoa Beans valued at 621 million dollars, Gold –valued at 577 million dollars. 

Nigeria’s Other Notable Exports includes Coconuts, Brazil Nuts, and Cashews all valued at 267,258,907.71 dollars, Other Oily Seeds valued at 261,651,472.82 dollars, Scrap Vessels valued at 259,223,819.00 dollars, Rough Wood valued at 243,549,598.02 dollars, Nitrogenous Fertilizers valued at 221,803,968.07 dollars. 

 The top export destinations for Nigerian products are India accounting for 10 billion dollars, Spain accounting for 6.12 billion dollars, The United States accounting for 5.74 billion dollars, France accounting for 4.02 billion dollars, and South Africa accounting for 3.87 billion dollars. 

Nigeria’s Top 5 Commodity Imports are: 

Refined Petroleum which gulps 10 billion dollars, Wheat with 1.6 billion dollars, Non fillet Frozen Fish worth 641 million dollars Rubber Tires with 393 million dollars, Raw Sugar with 384 million dollars. 

 Nigeria’s Other Notable Imports includes Special Purpose Ships valued at 4 billion dollars, Cars valued at 3 billion dollars, Packaged Medicaments worth 1 billion dollars, Broadcasting Equipment accounting for 584 million dollars, Vehicle Parts worth 504 million dollars. 

In this article, we will provide more detailed information on some of Nigeria’s top import and export products. Crude Petroleum Exports of crude petroleum are vital to Nigeria’s export economy and account for 75.3 percent of all its exports. The country has a 4.16 percent share of an annual crude petroleum global export market worth 1.08 trillion dollars. The most popular export destinations for Nigerian crude petroleum were India with 8.52 billion dollars, the United States with 5.11 billion dollars, Spain with 5 billion dollars, South Africa with 3.82 billion dollars, and the United Kingdom with 3.03 billion dollars. 

Petroleum Gas Petroleum gas exports account for 14.5 percent of Nigeria’s total exports valued at 8.61 billion dollars which ranks the African nation 11th of global exporters of a worldwide export market that is worth 299 billion dollars annually. Japan is a major export market for Nigeria’s petroleum gas exports, taking 32 percent of their output, followed by Spain with 11 percent, India with 9.9 percent, South Korea with 9.7 percent and Brazil with 9.7 percent. India with 1.26 billion dollars, China with 1.02 billion dollars, and Spain with 1.01 billion dollars are the top recipients of Nigeria’s petroleum gas exports, with France 834 million dollars input, and Japan’s 705 million dollars addition rounding out the top 5 destinations. 

Cocoa Beans Cocoa production is also important to the Nigerian economy since it’s the top agricultural export. Nigeria is the 4th largest exporting country in the world for cocoa beans. It enjoys a 6.75 percent market share of a global market that is worth 9.2 billion dollars. The Netherlands is a major destination for Nigeria’s cocoa bean exports, taking 42.2 percent of their annual total, with Germany taking 36.4 percent being the second largest importer of this delicious commodity. 

Rough Wood:  The value of the worldwide rough wood export market is worth 15.7 billion dollars per year and Nigeria has a 1.6 percent market share, competing with Equatorial Guinea as the leading African nation for rough wood exports. China almost exclusively receives all of Nigeria’s rough wood exports and imports 99.5 percent of their annual shipments valued at about 244 million dollars. Interestingly, Nigeria also imports 97.9 percent of its rough wood from China valued at 1.14 million dollars. 

An interesting Fact About Nigeria is that Nigeria is the most populous country in Africa. And with approximately over 220 million people living there it has almost twice as many people as the second most populous African country, Ethiopia, which has 84 million inhabitants. Nollywood is the the nickname for the Nigerian movie industry. It is ranked as the second largest producer of movies, producing up to 200 every week. Although this is behind Bollywood in India, it’s ahead of Hollywood in production numbers!



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