Overview In 2021, Nigeria was the number 30 economy in the world in terms of GDP (current US$), the number 52 in total exports, the number 50 in total imports, the number 163 economy in terms of GDP per capita (current US$) and the number 126 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Nigeria are Crude Petroleum ($41.8B), Petroleum Gas ($8.52B), Special Purpose Ships ($1.25B), Cocoa Beans ($779M), and Refined Petroleum ($667M), exporting mostly to India ($9.07B), Spain ($6.7B), United States ($3.69B), France ($3.32B), and China ($3.05B).
In 2021, Nigeria was the world's biggest exporter of Cocoa Shells ($8.56M)
Imports The top imports of Nigeria are Refined Petroleum ($11.3B), Wheat ($3.32B), Cars ($2.42B), Packaged Medicaments ($972M), and Broadcasting Equipment ($934M), importing mostly from China ($21.9B), India ($4.75B), Netherlands ($4.58B), United States ($4.42B), and Belgium ($2.34B).
In 2021, Nigeria was the world's biggest importer of Synthetic Filament Tow ($110M) and Equine and Bovine Hides ($56.8M)
Location Nigeria borders Benin, Cameroon, Chad, and Niger by land and Equatorial Guinea, Ghana, and Sao Tome and Principe by sea.
As an economic expert with a profound understanding of global economic dynamics and trade, I can confidently delve into the intricacies of Nigeria's economic landscape based on the provided information. My expertise stems from a comprehensive knowledge of economic indicators, trade patterns, and the factors influencing a nation's economic standing.
The data from 2021 portrays Nigeria as the 30th largest economy globally in terms of GDP, showcasing its substantial economic presence on the world stage. The country holds the 52nd position in total exports and the 50th position in total imports, highlighting its active participation in international trade. Furthermore, Nigeria's GDP per capita places it at the 163rd spot, shedding light on the economic conditions experienced by its citizens. The Economic Complexity Index (ECI) ranks Nigeria as the 126th most complex economy, indicating the level of diversification and sophistication in its economic activities.
Let's delve into Nigeria's export sector. The nation's top exports include Crude Petroleum, Petroleum Gas, Special Purpose Ships, Cocoa Beans, and Refined Petroleum. Notably, Nigeria's major trading partners for exports are India, Spain, the United States, France, and China. The significant export of Cocoa Shells in 2021 establishes Nigeria as the world's leading exporter in this niche.
On the flip side, Nigeria's import sector is marked by the inflow of Refined Petroleum, Wheat, Cars, Packaged Medicaments, and Broadcasting Equipment. China, India, the Netherlands, the United States, and Belgium emerge as the primary sources of Nigeria's imports. Noteworthy is Nigeria's standing as the world's largest importer of Synthetic Filament Tow and Equine and Bovine Hides in 2021.
Geographically, Nigeria's strategic location is underscored by its borders with Benin, Cameroon, Chad, and Niger, contributing to its land trade routes. Additionally, Nigeria shares maritime boundaries with Equatorial Guinea, Ghana, and Sao Tome and Principe, emphasizing its maritime significance in regional trade.
In conclusion, the intricate web of economic indicators, trade statistics, and geographical positioning underscores Nigeria's multifaceted role in the global economic landscape. This comprehensive overview provides a snapshot of Nigeria's economic strengths, trade dynamics, and its pivotal role in the international arena.
