01Key Takeaways
- Nigeria exported $65.13 billion worth of goods in 2023, up 2.70% from $63.42 billion in 2022.
- Mineral fuels, almost entirely crude oil, made up 91.61% of exports ($59.66 billion), one of the most extreme single-category concentrations in this entire dataset.
- The Netherlands bought 12.56% of Nigeria's exports, more than any other country, much of it crude oil destined for Europe's largest refining hub at Rotterdam.
- Nigeria's massive new Dangote Refinery only began producing fuel in early 2024, meaning essentially none of the crude oil captured in this 2023 data had been processed domestically before export.
025-Year Trend
| Year | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Value | $53.6B | $34.9B | $47.2B | $63.4B | $65.1B |
03Top Export Markets (2023)
| Rank | Partner | Value | Share |
|---|---|---|---|
| 1 | Netherlands | $8.2B | 12.6% |
| 2 | Spain | $6.1B | 9.4% |
| 3 | India | $5.4B | 8.4% |
| 4 | United States | $4.9B | 7.5% |
| 5 | Indonesia | $4.3B | 6.5% |
| 6 | France | $4.3B | 6.5% |
| 7 | Canada | $3.9B | 5.9% |
| 8 | Côte d’Ivoire | $2.6B | 4.0% |
| 9 | United Kingdom | $2.6B | 3.9% |
| 10 | Italy | $2.5B | 3.9% |
04Top Export Categories (2023)
| Rank | Category | Value | Share |
|---|---|---|---|
| 1 | Mineral Fuels, Mineral Oils and Products of their Distillation; Bituminous Substances; Mineral Waxes | $59.7B | 91.6% |
| 2 | Fertilisers | $1.1B | 1.6% |
| 3 | Oil Seeds and Oleaginous Fruits; Miscellaneous Grains, Seeds and Fruit; Industrial or Medicinal Plants; Straw and Fodder | $856.4M | 1.3% |
| 4 | Cocoa and Cocoa Preparations | $815.0M | 1.3% |
| 5 | Edible Fruit and Nuts; Peel of Citrus Fruit or Melons | $352.4M | 0.5% |
| 6 | Aluminium and Articles thereof | $301.2M | 0.5% |
| 7 | Ships, Boats and Floating Structures | $198.3M | 0.3% |
| 8 | Copper and Articles thereof | $191.8M | 0.3% |
| 9 | Ores, Slag and Ash | $170.4M | 0.3% |
| 10 | Nuclear Reactors, Boilers, Machinery and Mechanical Appliances; Parts thereof | $158.5M | 0.2% |
05Trade Partner Map
06Analysis
Crude Oil Makes Up Almost All of Nigeria's Exports
Nigeria exported $65.13 billion worth of goods in 2023, up 2.70% from $63.42 billion in 2022. Mineral fuels led every category by an extraordinary margin, at 91.61% of the total, worth $59.66 billion. Nigeria was Africa's top OPEC crude oil producer in October 2023, pumping 1.35 million barrels a day, ahead of Libya, Angola and Algeria. That output dominance translates almost directly into Nigeria's export profile, since crude oil accounts for the overwhelming majority of everything the country sells abroad.
The Netherlands bought 12.56% of Nigeria's exports in 2023, worth $8.18 billion, more than any other country. Much of that trade likely reflects crude oil destined for Rotterdam, Europe's largest crude-processing and trading hub, covered in more depth in the companion trade data for the Netherlands. Spain followed at 9.42% ($6.13 billion), and India added 8.36% ($5.45 billion), both major buyers of crude for their own domestic refining industries. That pattern repeats across most of Nigeria's top trading partners: large industrial or refining economies with the capacity to process raw crude into the fuels and petrochemicals their own populations and industries need, rather than countries buying Nigerian goods for direct consumption.
A Giant New Refinery Could Someday Change This Picture
Nigeria's Dangote Refinery received its first crude oil delivery on December 12, 2023, with a sixth cargo arriving by January 8, 2024, and its initial output of diesel and aviation fuel only began flowing in early 2024. That timeline means essentially none of the crude oil captured in Nigeria's 2023 export data had passed through this new refinery before leaving the country. Nigeria has long presented a paradox common among oil-rich developing nations: exporting vast quantities of raw crude while importing much of the refined fuel its own population consumes, a pattern covered in more depth in the companion import data for this country. The Dangote Refinery, one of the largest single-train refineries in the world, is designed specifically to close that gap over time, though its full effect on Nigeria's export mix will only show up in data from later years. If the refinery ramps up as planned, future editions of this data could show Nigeria shipping out more refined product and less raw crude. That shift would also reshape which countries rank among its top buyers, since refined fuel and crude oil often travel to different kinds of destinations entirely.
Cocoa, Sesame and a Long Tail of Minor Exports Round Out the List
Fertilizers supplied 1.64% of exports ($1.07 billion), and oil seeds contributed 1.31% ($856 million), a category dominated by sesame. Nigeria ranks seventh globally in sesame production and exports roughly 80% of its output, between 140,000 and 180,000 tonnes a year, with its most important destinations located in the Middle East and Asia. Cocoa and cocoa preparations added 1.25% ($815 million). Nigeria stands among Africa's top cocoa exporters, ranking behind only Côte d'Ivoire and Ghana on the continent. Fruit and nuts supplied 0.54% ($352 million), and aluminium contributed 0.46% ($301 million). Each of these smaller categories, though tiny next to crude oil, still represents a genuine agricultural or industrial export sector employing real workers and generating real income for Nigerian producers.
Ships, boats and floating structures added 0.30% ($198 million), though the fact sheet does not break out what specific vessels or structures drive that figure. Copper contributed 0.29% ($192 million), ores, slag and ash added 0.26% ($170 million), and machinery closed out the top ten at 0.24% ($158 million). The USA supplied 7.46% of exports ($4.86 billion), and Indonesia added 6.54% ($4.26 billion). France contributed 6.54% ($4.26 billion), and Canada added 5.94% ($3.87 billion). Côte d'Ivoire supplied 4.02% ($2.62 billion), and the United Kingdom added 3.92% ($2.55 billion). Italy rounded out the top ten at 3.88% ($2.52 billion). Together, the Netherlands, Spain and India made up 30.34% of total export value, a far less concentrated top three than the near-total dominance of mineral fuels among Nigeria's export categories.
Export values swung sharply over the past five years. The total stood at $53.62 billion in 2019, dropped sharply to $34.90 billion in 2020 as the pandemic collapsed global oil demand and prices, then climbed steadily back to $47.23 billion in 2021, $63.42 billion in 2022 and $65.13 billion in 2023.