Nigeria's Top Imports & Exports 2008
Nigeria Exports $35 Billion in Crude Oil to America
Oct 14, 2009
Nigeria’s Gross Domestic Product (GDP) was an estimated US$214.4 billion in 2008, making Nigeria the world’s 41st richest country.
With a population of 149.2 million Nigerians with an average GDP of $2,300 per person last year, Nigeria placed 77th among other nations in terms of GDP per capita.
As the world’s 42nd biggest exporting nation, Nigeria shipped $76.8 billion worth of exports in 2008. Petroleum generates about 95% of Nigeria`s exports, followed by cocoa and rubber. Based on 2008 statistics, top customers for Nigeria`s exports are the United States (45.8%), Brazil (10.4%), Spain (8%) and France (5%).
According to the CIA World Factbook, Nigeria imported $45.5 billion worth of foreign goods last year. Major commodities imported into Nigeria included machinery, chemicals, transport equipment, manufactured goods, food and live animals. Leading suppliers to Nigeria were China (12.7%), Netherlands (10.5%), the United States (8.2%), South Korea (5.6%), the United Kingdom (5.2%) and France (4.3%).
In total, Nigeria’s international trade amounted to $122.3 billion or 57% in relation to its overall GDP. This compares with roughly 25% for the U.S. and 60% for Canada.
Nigeria Trade with the U.S.
Last year, Nigerian exports to America rose 16.2% to $38.1 billion. Over that same period, Nigeria bought $4.1 billion worth of imported U.S. goods – an increase of 47.7%.
After subtracting imports from exports, one can quickly calculate Nigeria’s trade surplus with the U.S. to be a hefty $34 billion in 2008.
The lists below present the top 10 exports and imports that American and Nigerian enterprises exchanged in 2008. The fastest-growing trade product categories are also listed.
Nigeria’s Top Exports to America
Crude oil and liquified petroleum gases represent 95.4% of all Nigerian exports to America in 2008.
- Crude oil … US$35.1 billion, up 16.7% from 2007 (92.2% of US imports from Nigeria)
- Liquified petroleum gases … $1.2 billion, up 17% (3.2%)
- Other petroleum products … $873.1 million, up 56.8% (2.3%)
- Fuel oil … $632.6 million, up 54.1% (1.7%)
- Natural gas … $110.3 million, down 81.6% (0.3%)
- Cocoa beans … $34.3 million, up 393.2% (0.1%)
- Natural rubber and similar gums … $22.9 million, up 194.5% (0.1%)
- Feedstuff and food grains … $9.2 million, up 98.6% (0.06%)
- Tobacco, waxes, non-food oils … $3.5 million, up 6,343% (0.02%)
- Nuts and preparations … $2.6 million, up 86.6% (0.01%).
Fastest-Growing Nigerian Exports to the U.S.
Petroleum products were also among the export categories with the highest percentage increases over 2007.
- Civilian aircraft parts … US$2.2 million, up 8,181% from 2007
- Tobacco, waxes, non-food oils … $3.5 million, up 6,343%
- Cocoa beans … $34.3 million, up 393.2%
- Natural rubber and similar gums … $22.9 million, up 194.5%
- Feedstuff and food grains … $9.2 million, up 98.6%
- Nuts and preparations … $2.6 million, up 86.6% (0.01%)
- Other petroleum products … $873.1 million, up 56.8% (2.3%)
- Fuel oil … $632.6 million, up 54.1%
- Tea, spices, and preparations … $1.5 million, up 51.2%
- Liquified petroleum gases … $1.2 billion, up 17%.
Nigeria’s Top Imports from America
Wheat and cars represent almost 40% of American exports to Nigeria. In total, the following 10 exports accounted for 74.5% of total Nigerian imports from the U.S.
- Wheat … US$927.6 million, up 43% from 2007 (22.6% of US exports to Nigeria)
- Passenger cars … $707.8 million, up 85.5% (17.3%)
- Other petroleum products … $422.8 million, up 471.9% (10.3%)
- Oilfield and drilling equipment … $334.7 million, down 29.7% (8.2%)
- Trucks, buses and special purpose vehicles … $172.8 million, up 162.6% (4.2%)
- Excavating machinery … $116.8 million, up 77.5% (2.8%)
- Other industrial machines … $106.8 million, up 105.6% (2.6%)
- Plastic materials … $96.1 million, down 27.6% (2.3%)
- Materials handling equipment … $87 million, up 34.9% (2.1%)
- Industrial engines … $86.9 million, up 137.9% (2.1%)
Fastest-Growing Nigerian Imports from the U.S.
The top 10 list of Nigerian growth imports were for a diverse range of products, including rice and alcoholic beverages. All 10 of these import categories were for high percentage increases of not less than 199%.
- Corn … US$1.2 million, up 2,444% from 2007
- Vessels, excluding scrap … $3.2 million, up 1,419%
- Rice … $1.4 million, up 817%
- Generators and accessories … $68.1 million, up 692.3%
- Other petroleum products … $422.8 million, up 471.9%
- Vegetables … $1.3 million, up 402.3%
- Semiconductors … $9.2 million, up 374.1%
- Cotton fiber cloth … $1.2 million, up 309.3%
- Alcoholic beverages, excluding wine … $1.2 million, up 210%
- Aluminum … $2.8 million, up 199.5%.
Comparative Trade Advantages
During 2008, Nigeria exported $35.1 billion worth of crude oil to the U.S. with no imports of American crude petroleum.
These Nigerian-American trade statistics show that Nigeria has a comparative advantage over the U.S. in the crude-oil trade between the two nations.
On the other hand, America supplied $927.6 million worth of wheat to Nigeria in 2008 compared with zero in Nigerian wheat exports to the U.S.
The U.S. had almost $1 billion in net exports of wheat with Nigeria. This clearly shows that America has a comparative advantage in trading wheat over Nigeria.
Sources
This analysis is based on latest statistics from the US Census Bureau- Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
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