Nigeria, with its 1.1 Trillion USD GDP (PPP) and population of 186 million is the largest economy in Africa and due to recovering oil prices, Nigeria is expected to record positive growth rate in 2017. Nigeria ranked the 48th largest exporter with its export value of 54 Billion USD in 2015. Petroleum and petroleum products constitutes 95 % of Nigeria’s entire exports. The remaining 5% percent is composed of rubber and cocoa. In 2015, Nigeria imported 40.5 Billion worth of goods, which makes the country 52th largest importer in the world. The major imports include machinery and metal & metal product and these two product groups account for 18 % of Nigeria’s entire imports.
Nigeria’s iron & steel imports amounted 781 Million USD in 2015. Top import items of iron & steel include mainly construction materials.
The fastest growing imports between 2011 and 2015 under HS Heading 72 were:
Bars and rods of alloy steel other than stainless, not further worked than hot-rolled,hot-drawn
Flat-rolled products of iron or non-alloy steel
Flat-rolled products of steel
Semi-finished products of iron or non-alloy steel
Nigeria’s fastest growing iron & steel imports between 2011 and 2015 were:
Containers of iron & steel for compressed/liquefied gas
Miscellaneous articles of iron & steel
Tube or pipe fittings
Doors, windows and their frames and thresholds for doors, of iron or steel
Nigeria’s imports of aluminum products were 664 Million USD in 2015.
Nigeria’s major aluminum imports include aluminum plates, profiles, structures, bars and doors, windows and their frames & thresholds.
Fastest growing aluminum imports of Nigeria between 2011 and 2015 were:
Plates, sheets and strip, of aluminum alloys, of a thickness of >0,2 mm
Doors, windows and their frames and thresholds for door, of aluminum
Structures and parts of structures, of aluminum
Nigeria is a net importer of machinery amounted 4.52 Billion USD. Machinery imports accounted for 11.1 % in Nigeria’s aggregate imports in 2015.
Nigeria’s top machinery imports include taps, cocks, valves and similar appliances for pipes, boiler shells, tanks used in oil industry, machines and mechanical appliances having individual functions and pumps for liquids, whether or not fitted with a measuring device.
Fastest growing machinery imports of Nigeria between 2011 and 2015 were:
Machines and mechanical appliances having individual functions