Nigeria’s Top Trading Partners

Nigeria’s top trading partners in 2023 include the Netherlands, Spain, India, the United States, Indonesia, France, Canada, Ivory Coast, Italy, and the UK.

The country borders Benin, Cameroon, Chad, and Niger by land and Equatorial Guinea, Ghana, and Sao Tome and Principe by sea.

Strategically located on Africa’s west-central coast, the Federal Republic of Nigeria exported $57.9 billion worth of goods worldwide in 2023.

Also, Nigeria is the

• 4th largest economy in Africa
• 56th largest economy worldwide

From a continental perspective, 46% of Nigeria’s goods exported went to European countries and 27% to Asian buyers. Furthermore, it shipped another 14%, 10%, and 3% of its exports to its key trading partners in North America, Africa, and Latin America.

Since Nigeria has about 223.8 million people, $57.9 billion in exports in 2023 is roughly $260 for everyone in the country.

Read: United Kingdom’s Top Trading Partners

Nigeria’s Top 10 Exports

The following export product groups represent the highest dollar value in Nigerian global exports 2023.

• Crude oil ($55.6 billion): The cornerstone of Nigeria’s economy, accounting for a significant portion of its export revenue. Key export markets include India, the Netherlands, Spain, and the United States.
• Fertilizers ($994.7 million): Key exporter of Urea and NPK fertilizers for agriculture. The main export markets are African countries.
• Oil Seed ($797.5 million): Increasingly sought after for their oil and nutritional benefits, with critical markets in Asia & Europe.
• Cocoa ($759 million):  A critical agricultural export with markets in North America & Europe.
• Fruits & nuts ($328.2 million): a significant exporter of fruits and nuts to Europe, the United States, Asia, and the Middle East.
• Aluminum ($280.5 million): Exported aluminum & its articles, crucial for the construction, automotive, packaging, and industrial sectors, to West African countries.
• Ships and boats ($184.7 million): Nigeria exported fishing vessels, barges, floating platforms, and other equipment to West African clients.
• Copper ($178.6 million): Critical exporter of Copper Ores & Concentrates and Refined Copper Products to Asia and Europe.
• Ores, slag, ash ($158.7 million): Lead & Zinc Ores, Iron Ore, Steel Slag, and Bauxite exports to Asia and Europe
• Machinery ($147.6 million): Exporter of food processing equipment, textile & garment machinery, and electrical machinery to West & Central African importers.

Nigeria’s Main Industries

Oil and gas, tobacco, construction, food and beverages, textiles, chemicals, rubber, and pharmaceutical products.

Trade Organizations

• Economic Community of West African States: Facilitates trade among member states through the ECOWAS Trade Liberalization Scheme (ETLS), which aims to remove barriers to regional trade. Promotes economic cooperation and infrastructure development. Supports the free movement of goods, services, and people across member states.
• African Union: Promote political and economic integration across Africa.
• World Trade Organization: This organization provides a platform for Nigeria to negotiate trade agreements and resolve trade disputes. It also ensures Nigeria’s access to global markets under established rules.
• African Continental Free Trade Area: This agreement allows Nigeria to access a market of over 1.3 billion people across Africa, enhancing its export potential and fostering economic growth.

Nigeria’s Top 10 Trading Partners

Below is a list of Nigeria’s top trading partners. These countries imported the most Nigerian shipments by dollar value in 2023.

• Netherlands ($7.6 billion): Imports crude oil, liquefied natural gas (LNG), and Cocoa from Nigeria.
• Spain ($5.7 billion): Significant importer of Nigerian hydrocarbons.
• India ($5.1 billion): The largest buyer of Nigerian crude oil, LNG, and agricultural products.
• The United States ($4.5 billion): An importer of Nigerian oil and other commodities like cocoa & rubber.
• Indonesia ($3.97 billion): Another major importer of Nigerian oil, LNG, and agricultural products (oil seeds).
• France ($3.96 billion): France is one of the largest European buyers of Nigerian hydrocarbons.
• Canada ($3.6 billion): Nigeria exports oil and raw materials to Canada
• Ivory Coast ($2.44 billion): Imports refined petroleum, machinery, and agricultural goods from Nigeria.
• United Kingdom ($2.38 billion): Imports crude oil and cocoa from Nigeria.
• Italy ($2.35 billion): Imports oil and LNG from Nigeria.

Companies Servicing Nigeria’s Top Trading Partners

• Access Bank (Financials)
• BUA Cement (Industrials)
• Chevron Nigeria Limited (Oil & Gas)
• Dangote Group (Conglomerates)
• ExxonMobil Nigeria (Oil & Gas)
• FBN Holdings (Financials)
• Guaranty Trust Bank (Financials)
• Nigeria LNG Limited (Liquefied Natural Gas)
• Nigerian National Petroleum Company (oil, gas)
• Oando (Oil & Gas)
• Shell Nigeria (Oil & Gas)
• Seplat Energy (Oil & Gas)
• TotalEnergies EP Nigeria (Oil & Gas)
• United Bank for Africa (Financials)
• Zenith Bank (Financials)