Nigeria shipped $44.5 billion worth of goods around the globe in 2017-Report
London, August 25, 2018 (AltAfrica)-The Federal Republic of Nigeria shipped a total of US$44.5 billion worth of goods around the globe in 2017. That dollar amount reflects a -50.3% drop since 2013 but a 35.2% uptick from 2016 to 2017.
From a continental perspective, well over a third (37.4%) of Nigerian exports were sent to European countries while 29.6% worth was destined for Asia.
Another 16.5% was delivered to North America. Only 12.1% were sold to other African countries with 3.3% bought by importers in Latin America excluding Mexico but including the Caribbean.
Based on estimates from the Central Intelligence Agency’s World Factbook, Nigeria’s exported goods plus services represent 12.5% of total Nigerian economic output or Gross Domestic Product. The analysis below focuses on exported products only
Lagos port handles majority of Nigeria’s shipment abroad (nigerianports.gov.ng)
Given Nigeria’s population of 190.6 million people, the total $44.5 billion in 2017 Nigerian exports translates to roughly $220 for every person in the West African country.
Nigeria’s unemployment rate was an estimated 18.8% as of September 2017 per Trading Economics.
Nigeria’s Top 10 Exports
- Top 10
The following export product groups represent the highest dollar value in Nigerian global shipments during 2017. Also shown is the percentage share each export category represents in terms of overall exports from Nigeria.
- Mineral fuels including oil: US$39.1 billion (96% of total exports)
- Ships, boats: $253.5 million (0.6%)
- Cocoa: $238.1 million (0.6%)
- Oil seeds: $180.9 million (0.4%)
- Fertilizers: $149.8 million (0.4%)
- Tobacco, manufactured substitutes: $102.4 million (0.3%)
- Plastics, plastic articles: $78.1 million (0.2%)
- Fruits, nuts: $76.1 million (0.2%)
- Raw hides, skins not furskins, leather: $67.9 million (0.2%)
- Rubber, rubber articles: $55.4 million (0.1%)
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Nigeria’s Most Valuable Export Products further down near the bottom of this article.
Nigeria’s top 10 exports are highly concentrated accounting for 99% of the overall value of the country’s global shipments.
Among the top 10 Nigerian exports above, the fertilizers category showed the greatest increase from 2016 to 2017 via a 140.9% uptick.
Exported fruits and nuts gained 133.6%. Plastics and articles made from plastics exported from Nigeria appreciated by 100.8% followed by Nigeria’s exported oil seeds up by 48.7%.
Three export categories didn’t fare as well. Nigeria’s sales of exported tobacco and manufactured substitutes fell by -13% year over year. Cocoa exports declined in value by -21.4% while Nigerian shipments of ships and boats slid by -86.3% from 2016 to 2017.