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Nigeria
(information)
Population as of 2020: 206 million 7 of 193
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Region: West Africa
Nominal G.D.P. in 2024: $187.76 billion 55 of 193
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Top Exports
Nigeria’s export structure in **2024** is one of the most **oil-dominated in the world**, with hydrocarbons overwhelmingly leading. About $52–64 billion in total exports (2024) 👉 **Oil and gas account for ~85–90%+ of total exports** | Rank | Export Category | Notes | | ---- | --------------------------------- | ----------------------------------------------------------------------- | | 1 | **Mineral fuels (oil & gas)** | ~85–90%+ of exports; overwhelmingly dominant | | 2 | **Petroleum gas (LNG)** | Major component of energy exports | | 3 | **Crude petroleum** | Largest single export (~$40B+) | | 4 | **Refined petroleum products** | Growing refining/export capacity | | 5 | **Cocoa & cocoa products** | Largest non-oil export | | 6 | **Fertilizers (urea, ammonia)** | Key non-oil industrial export | | 7 | **Ores, slag & ash** | Iron ore and other minerals | | 8 | **Oil seeds & oleaginous fruits** | Sesame seeds, etc. | | 9 | **Rubber & rubber products** | Agricultural export | | 10 | **Metals (copper, aluminum)** | Small but growing sector | Key individual export products (by value) | Rank | Product | Notes | | ---- | --------------------------------------------- | ------------------------------------------------------------- | | 11 | **Crude oil** | Largest export by far (~$40–50B) | | 12 | **Liquefied natural gas (LNG)** | Second-largest export | | 13 | **Petroleum gases (propane, butane)** | Key energy exports | | 14 | **Refined petroleum oils (diesel, gasoline)** | Fuel exports | | 15 | **Cocoa beans** | Major agricultural export (~$2–3B) | | 16 | **Urea (fertilizer)** | Important non-oil export | | 17 | **Sesame seeds & oil seeds** | Growing agricultural export | | 18 | **Gold & precious metals** | Small but present | | 19 | **Cashew nuts & agricultural products** | Emerging export sector | | 20 | **Cement, salt & construction materials** | Regional exports | Key Takeaways * 🛢️ **Extreme oil dependence:** * Oil and gas dominate exports, often **~85–90%+ of total value** * 🔥 **Energy drives the economy:** * Crude oil and LNG are the **core export drivers** * 🌱 **Non-oil exports are growing (slowly):** * Cocoa, fertilizers, and agriculture are the **main diversification areas** * 🧪 **Industrial potential:** * Fertilizers (especially urea) are becoming a **key export niche** Top Importers of Nigeria’s Exports (2024) | Rank | Country | Notes | | ---- | ------------------ | ------------------------------------------------ | | 1 | **India** | Largest buyer; crude oil and petroleum products. | | 2 | **Spain** | Crude oil and LNG (major European energy buyer). | | 3 | **Netherlands** | Trade hub; oil and LNG re-exports. | | 4 | **France** | Energy imports (oil and LNG). | | 5 | **United States** | LNG, crude oil, and petrochemicals. | | 6 | **Indonesia** | Oil and energy products. | | 7 | **China** | Oil and raw materials. | | 8 | **Brazil** | Crude oil and agricultural trade. | | 9 | **South Africa** | Regional trade; fuels and manufactured goods. | | 10 | **United Kingdom** | Oil, LNG, and financial/trade links. | Key Patterns * 🛢️ **Energy drives everything**: * Most exports to top partners are **crude oil and LNG** * 🌍 **Globally diversified buyers**: * Unlike some exporters, Nigeria sells to **Europe, Asia, and the Americas** * 🇮🇳 **India is #1**: * A major importer of Nigerian crude oil * 🔁 **Trade hubs matter**: * The **Netherlands** acts as a key distribution center
