Nigeria
Africa
Trade in Nigeria
| Nigeria was the world’s 54th largest exporter of goods and 87th largest exporter of commercial services in 2022. Export values were $63.08 billion and $4.86 billion USD respectively. Nigeria’s top export category was Fuels and mining products, followed by Manufactures, and Chemicals. In 2022, Nigeria’s main export destination markets for goods and services trade were to India, Spain and Netherlands. In terms of imports, Nigeria is the world’s 53rd largest importer of goods and 50th largest importer of commercial services. Import values were $60.35 billion and $18.82 billion USD respectively in 2022. Nigeria’s top import category was Manufactures, followed by Fuels and mining products and Machinery and transport equipment. Leading import partners were China, United States and India. Nigeria is part of 2 different Regional Trade Agreements, including Economic Community of West African States (ECOWAS) and Global System of Trade Preferences among Developing Countries (GSTP). |
General InformationThis section includes general information on the economy, legal system, official languages and links to additional demographic information. |
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Official Name |
Federal Republic of Nigeria |
Abbreviation |
NG |
Capital |
Abuja |
WTO Membership Date |
1 January 1995 |
Legal System |
mixed legal system of English common law, Islamic law (in 12 northern states), and traditional law |
Language |
English |
Number of Time Zone(s) |
1 |
Additional Information | |
Financial InformationThis section includes financial information such as the currency, exchange rate lookup and local banks issuing trade finance. |
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Currency |
Nigerian naira |
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Exchange Rate |
Google Finance Currencies |
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GTFP Confirming Banks Through the IFC's Global Trade Finance Program (GTFP) bank network, local financial institutions can establish working partnerships with a vast number of major international banks in the Program that can broaden access to finance and reduce cash collateral requirements. This extends and complements the capacity of banks to deliver trade finance by providing risk mitigation on a per-transaction basis in challenging markets where trade lines may be limited. |
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Contact InformationThis section includes contact information for business support organizations and national resources. |
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Business Support Organizations |
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Government MSME Agency |
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Copyright Offices |
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Industrial Property Offices |
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SPS Enquiry Points Sanitary and phytosanitary (SPS) enquiry points are government agencies designated to answer questions about trade requirements. |
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TBT Enquiry Points Technical Barriers to Trade (TBT) enquiry points are government agencies designated to answer questions about trade requirements. |
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Additional Information |
ePing alert |
Links to other helpful resourcesThis section includes additional links to trade-related resources. |
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Trade Information Portal |
https://trade.gov.ng/en/ |
Last Reviewed: June, 2024
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