Nigeria Exports vs Imports | Data from the National Bureau of Statistics shows Nigeria exported goods valued at a total of N13.59 trillion in 2017 compared to N8.5 trillion in 2016 and N9.5 trillion in 2015. Total value of imports in the whole of 2017 was N9.5 trillion. Based on the above, Nigeria has returned to being a net export country a year after it imported more than it exported.
See data below
What drove it
- Nigeria’s exports was largely driven by oil exports which accounted for about N13.6 trillion of total exports.
- Oil exports was N8.5 trillion, N9.6 trillion and N16.3 billion in 2016, 2015 and 2014 respectively.
- Nigeria endured a disastrous year of oil price crashes between 2015 and 2016 respectively
- Nigeria however spent about N2.6 trillion on fuel imports alone
What about Non-OIl
- Non-oil export was a total of N630 billion compared to N344 billion a year earlier.
- Non-oil export was N1.1 trillion in 2015
- Agricultural products were N170 billion compared to Manufactured products at N232 billion
Countries that bought our exports
- Europe remained the top continent for exports from Nigeria with N5 trillion only.
- Trade in Africa also improved to N1.6 trillion from N1.2 trillion in 2016.
- United States also increased the value of imports from Nigeria from N1 trillion to N1.7 trillion