What are the Top 10 exports of Nigeria in 2023?

Discover the top 10 exports of Nigeria. According to Nigeria's export statistics, Nigeria exported goods worth $65 billion in 2023, with petroleum oil and crude oil ($52 billion) as its biggest exports.

Trade Statistics Jun 10, 2024 1 9898 Add to Reading List

What are the Top 10 exports of Nigeria in 2023?

Nigeria, often referred to as the "Giant of Africa," is known for its vast resources and diverse economy. Nigeria is a country in Western Africa bordered by Niger, Benin, Chad, and Cameroon. One significant aspect of Nigeria's economy is its exports. Nigeria’s goods exports accounted for a total value of $65 billion in 2023. Nigeria's GDP grew to $2.11 trillion in 2023. Nigeria's GDP increased by 2.74% annually in 2023 compared to 3.10% in 2022. Nigeria's goods exports rose 2.7% from 2022 to 2023. Nigeria's value of goods exports increased by $1.71 billion in 2023 as compared to the previous year. Nigeria’s biggest exports in 2023 include petroleum oil and crude ($52 billion), petroleum gases and other gaseous hydrocarbons ($6.84 billion), mineral or chemical fertilizers ($1.06 billion), cocoa beans ($669 million), and other oil seeds and oleaginous fruits ($465 million). These exports play a crucial role in shaping Nigeria's economy and trade relationships globally. In this article, we'll take a closer look at the top 10 exports of Nigeria and explore the impact these commodities have on the country's economy.

An overview of Nigeria's top exports and economic trajectory

Nigeria, as one of Africa's largest economies, has a diverse range of top exports contributing to its economic background. Nigeria's economic background is also influenced by sectors such as telecommunications, banking, and entertainment, showcasing a multifaceted economy that drives growth and development within the region and beyond. The Nigerian naira gained 2.7% from 2022 to 2023 and decreased by -39.2% compared to the US dollar from 2018, according to the average export value for 2023. Nigeria's exports are comparatively less expensive for foreign customers due to the country's lower local currency when paid for in strong US dollars. Crude oil is Nigeria's most valuable export, accounting for more than three-quarters (80%) of the country's total value of exported commodities in 2023. The relatively concentrated structure of Nigeria's export product mix is belied by that percentage.

Top 10 Exports of Nigeria in 2023

Petroleum oil and crude oil are the biggest exports of Nigeria with exports worth $52 billion in 2023. The country's key exports include oil and petroleum products, cocoa, rubber, and agricultural products like grains and nuts. Nigeria is one of the top exporters of oil seeds in the world and a significant rival in the shipping of crude oil and cocoa beans to outside markets. The export product categories listed below indicate Nigerian exports to other countries with the largest dollar value in 2023. The percentage that each export category contributes to Nigeria's total exports is also displayed. The top 10 export partners of Nigeria in 2023 include:

Commodity name	Value	HS Code	Percentage share
1. Petroleum oils and crude	$52 billion	2709	80%
2. Petroleum gases and other gaseous hydrocarbons	$6.84 billion	2711	10.5%
3. Mineral or chemical fertilizers, nitrogenous	$1.06 billion	3102	1.63%
4. Cocoa beans	$669 million	1801	1.02%
5. Other oil seeds and oleaginous fruits	$465 million	1207	0.714%
6. Coconuts, Brazil nuts, and cashew nuts	$351 million	0801	0.539%
7. Unwrought aluminum	$272 million	7601	0.418%
8. Soya beans	$268 million	1201	0.411%
9. Refined copper and copper alloys	$189 million	7403	0.291%
10. Electrical energy	$161 million	2716	0.247%

Who are the Biggest Export Partners of Nigeria?

The Netherlands is the biggest export partner of Nigeria with exports worth $8.17 billion in 2023. From a continental standpoint, 44% of Nigeria's value-added exports were shipped to European nations, and 31.1% were sold to Asian buyers. 10% of Nigeria's exports went to North America, and the remaining 10% was purchased by consumers in Africa. Lower percentages went to Oceania (0.1%), which includes Australia alone, and Latin America (4.7%), which includes the Caribbean but excludes Mexico. Nigeria’s biggest export partners in 2023 include:

top 10 Biggest Export Partners of Nigeria

Netherlands: $8.17 billion (12.5%)
Spain: $6.13 billion (9.41%)
India: $5.44 billion (8.36%)
USA: $4.86 billion (7.46%)
Indonesia: $4.26 billion (6.54%)
France: $4.25 billion (6.53%)
Canada: $3.86 billion (5.94%)
Ivory Coast: $2.61 billion (4.01%)
United Kingdom: $2.55 billion (3.91%)
Italy: $2.52 billion (3.87%)

Nigeria's export trends over the past 5 years

Year of Trade	Nigeria’s Total Export Value
2019	$53.62 billion
2020	$33.36 billion
2021	$47.57 billion
2022	$63.33 billion
2023	$65 billion

Nigeria Export Sample Data

Discover the top exporters and suppliers from Nigeria by obtaining comprehensive export statistics based on the most recent Nigeria export database of 2023. Below is an example of how we give our clients access to import/export data from any nation so that everything in the report is clear to read. The TradeImeX report is quite accurate and follows the guidelines. The Nigeria export data that we provide contains details such as Date, export type, exporter name, exporter address, HS code, product description, quantity, unit, and more. View the sample of Nigeria's export data for its goods exports, and then send us an email at Info@Tradeimex.In with any questions you may have regarding Nigeria’s exports or top Nigerian suppliers.

Who are the major exporting companies in Nigeria?

Nigeria’s top 10 export companies in 2023 include:
Dangote Cement (construction materials)
Equity Assurance (financial institution)
FBN Holdings (regional bank)
Guaranty Trust Bank (regional bank)
Zenith Bank (regional bank)
Julius Berger Nigeria (construction materials)
Nigerian National Petroleum Corporation (oil, gas)
Oando (oil, gas)
ROCAD Construction Limited (oil, gas)
Shell Nigeria (oil, gas)

Conclusion

In conclusion, Nigeria's top 10 exports play a giant role in the nation's economy. With a wide range of commodities, Nigeria can generate revenue and create opportunities for growth and improvement. As one of the main economies in Africa, Nigeria's exports preserve its economic progress and worldwide presence. From crude oil to electrical energy, the top 10 exports of Nigeria have a diverse export range and are extremely crucial for the nation’s growing economy.