Wednesday, December 23, 2015

Nigeria’s Top 10 Exports in 2014

Nigeria’s Top 10 Exports

In 2014 exports from Nigeria amounted to US$97.9 billion, up 96% since 2010. Nigeria’s top 10 exports accounted for 99.2% of the overall value of its global shipments.

Based on statistics from the International Monetary Fund’s World Economic Outlook Database, Nigeria’s total Gross Domestic Product amounted to $1.058 trillion in 2014.

Therefore, exports accounted for about 9.3% of total Nigerian economic output.

Given Nigeria’s population of 177.2 million people, the total $97.9 billion in 2014 Nigerian exports translates to roughly $553 for every person in the country.

The following export product groups represent the highest dollar value in Nigerian global shipments during 2014. Also shown is the percentage share each export category represents in terms of Nigeria’s overall exports.
  1. Oil:------------------------------------$94,882,576,000 (96.9% of total exports)
  2. Cocoa:-------------------------------$705,644,000 (0.7%)
  3. Oil seed:-----------------------------$278,420,000 (0.3%)
  4. Raw hides excluding furskins:---$268,513,000 (0.3%)
  5. Ships, boats:------------------------$213,441,000 (0.2%)
  6. Copper:------------------------------$174,174,000 (0.2%)
  7. Rubber:------------------------------$166,288,000 (0.2%)
  8. Aluminum:---------------------------$157,045,000 (0.2%)
  9. Ores, slag, ash:--------------------$137,092,000 (0.1%)
  10. Wood: -------------------------------$101,382,000 (0.1%)
Among the top 10 Nigerian exports above, raw materials showed the greatest increases since 2010. Ores, slag and ash were up by 1,891% in the 5-year period ending in 2014. Copper was up 1,066% over the same period, while aluminum improved by 147.7%.

Other export categories didn’t fare as well. Nigeria’s export sales of cocoa fell by 50.6% over the 5-year period while Nigerian raw hide shipments were down by 47.6% in value. Wood and rubber exported from Nigeria also declined in value by 9.6% and 5.2% respectively.

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