Nigeria possesses vast natural resources and a diverse economy, and plays a crucial role in global trade, particularly through its exports of mineral fuels and agricultural products.
The country’s top 10 exports illustrate its varied economic landscape and strategic global trade position.
Despite oil being the primary export, Nigeria is making strides in diversifying its economy with increased exports of agricultural goods, fertilizers, and manufactured items.
These exports not only boost revenue but also create jobs and support sustainable development.
Read also: Nigeria’s top 10 trading partners for exports
As Nigeria continues to leverage its natural resources and invest in different sectors, it is set to enhance its influence in international trade.
According to the world’s top exports, here are the export product groups that generated the highest dollar value for Nigeria in global shipments during 2023, along with their percentage share of total exports:
1. Mineral Fuels Including Oil: US$55.6 Billion (91.6%)
The undisputed leader of Nigeria’s export portfolio is mineral fuels, including oil, which constitute 91.6% of the country’s total exports. Nigeria is one of the world’s largest oil producers, and its economy heavily relies on the oil and gas sector. The nation’s vast reserves of crude oil and natural gas make it a crucial player in the global energy market. The revenue generated from oil exports is a significant driver of Nigeria’s GDP and a vital source of foreign exchange.
2. Fertilizers: $994.7 Million (1.6%)
Fertilizers rank as the second most exported product from Nigeria, accounting for 1.6% of total exports. The country has been investing in the production of fertilizers to support its agricultural sector. Nigeria’s abundant natural gas reserves provide the necessary raw materials for manufacturing fertilizers, positioning it as a key exporter in this domain.
Read also: Nigeria’s top 10 trading partners for import
3. Oil Seeds: $797.5 Million (1.3%)
Oil seeds, including sesame seeds, soybeans, and groundnuts, contribute 1.3% to Nigeria’s export earnings. These seeds are highly sought after in the global market for their nutritional value and versatility in various industries, including food processing and cosmetics. Nigeria’s favourable climate and extensive arable land make it an ideal location for cultivating these valuable crops.
4. Cocoa: $759 Million (1.3%)
The brown gold cocoa, is another significant export product, contributing 1.3% to Nigeria’s total exports. Nigeria is one of the largest cocoa producers globally, and its beans are renowned for their quality. The cocoa industry supports millions of smallholder farmers and plays a crucial role in the country’s rural economy.
Read also: 11 countries that are buying products from Nigeria right now
5. Fruits and Nuts: $328.2 Million (0.5%)
Fruits and nuts, including cashews and various tropical fruits, account for 0.5% of Nigeria’s exports. These products are in high demand due to their nutritional benefits and use in various culinary applications. The export of fruits and nuts not only provides income for local farmers but also enhances Nigeria’s reputation as a source of high-quality agricultural produce.
6. Aluminium: $280.5 Million (0.5%)
Aluminium exports from Nigeria amount to 0.5% of the country’s total export revenue. The aluminium industry in Nigeria is driven by the demand for this versatile metal in the construction, transportation, and packaging industries. The export of aluminium contributes to the diversification of Nigeria’s economy and reduces its reliance on oil exports.
Read also: Top ten import-dependent countries by GDP ratio
7. Ships and Boats: $184.7 Million (0.3%)
The shipbuilding and maritime sector is a growing industry in Nigeria, with ships and boats making up 0.3% of the country’s exports. Nigeria’s strategic location along the Atlantic Ocean and its extensive network of rivers provide ample opportunities for the development of the maritime industry.
8. Copper: $178.6 Million (0.3%)
Copper exports from Nigeria constitute 0.3% of total exports. Copper is an essential industrial metal used in electrical wiring, electronics, and construction. Nigeria’s copper mining industry is expanding, supported by the country’s mineral wealth and the growing global demand for copper.
Read also: 10 steps to export success in Nigeria
9. Ores, Slag, and Ash: $158.7 Million (0.3%)
Ores, slag, and ash represent 0.3% of Nigeria’s exports. These materials are by-products of mining and metallurgical processes, and they are valuable inputs for various industrial applications. Nigeria’s rich mineral deposits ensure a steady supply of these materials for export, contributing to the country’s economic diversification efforts.
10. Machinery Including Computers: $147.6 Million (0.2%)
Machinery, including computers, accounts for 0.2% of Nigeria’s export revenue. The export of machinery reflects Nigeria’s growing involvement in the manufacturing and technology sectors. While still a small part of the overall export portfolio, this sector has the potential for significant growth as Nigeria continues to develop its industrial base and technological capabilities.
