Nigeria Country Profile

Nigeria, located in West Africa, is the continent’s most populous country and one of its largest economies. With over 220 million people and a dynamic consumer market, Nigeria represents a significant opportunity for import-export businesses. It is a member of the Economic Community of West African States (ECOWAS) and plays a key role in regional trade dynamics. Its strategic coastal location, growing middle class, and diverse economy make Nigeria a promising destination for trade intermediation.

Key Economic Indicators

• Population: 220+ million (2025 est.)

• GDP (Nominal): $477 billion (2024 est.)

• GDP Growth Rate: 3.2% (2024 est.)

• Currency: Nigerian Naira (NGN)

• Main Trade Partners: China, Netherlands, United States, India, United Arab Emirates

• Major Ports: Lagos (Apapa & Tin Can Island), Port Harcourt, Calabar, Onne

Import Opportunities in Nigeria
Nigeria’s growing population and rapid urbanization have created a robust demand for imported goods. The country relies heavily on foreign products to supplement local production, particularly in the following sectors:

1. Machinery and Equipment

   • Agricultural machinery, generators, and industrial equipment are high-demand items due to Nigeria’s developing infrastructure and energy challenges.

2. Consumer Goods

   • Electronics, mobile phones, and household appliances are widely imported to meet the needs of Nigeria’s youthful and tech-savvy population.

3. Processed Foods & Beverages

   • Due to food processing limitations and changing lifestyles, processed foods, dairy products, and beverages are among Nigeria’s top imports.

4. Pharmaceuticals and Medical Equipment

   • The healthcare sector relies heavily on imports. Medications, diagnostic machines, and hospital equipment are constantly in demand.

5. Vehicles and Auto Parts

   • Nigeria imports most of its automobiles and spare parts, with used cars especially popular due to their affordability.

Export Opportunities from Nigeria
Nigeria is rich in natural resources and serves as a major exporter in key commodity markets. Companies seeking to source goods from Nigeria will find the following sectors particularly active:

1. Crude Oil & Natural Gas

   • Nigeria is Africa’s top oil exporter. Despite challenges in refining capacity, crude oil continues to dominate the export landscape.

2. Agricultural Products

   • Cocoa, sesame seeds, ginger, hibiscus flowers, palm oil, and cashew nuts are among the top agricultural exports.

3. Solid Minerals

   • Although underdeveloped, Nigeria’s solid minerals sector includes resources like limestone, tin, coal, gold, and tantalite, offering untapped potential.

4. Textiles & Leather

   • Traditional fabrics like Ankara, along with leather products, are increasingly being exported to Europe, Asia, and North America.

Logistics and Transportation
Nigeria’s logistics infrastructure is improving, particularly with investments in port modernization, railways, and inland dry ports. Major entry points for imports are through Lagos (Apapa and Tin Can Island ports), while goods can be moved inland via road and expanding rail networks.

Challenges remain with customs procedures and port congestion, but digital reforms are underway to improve trade facilitation, such as the Nigeria Customs Service’s E-Customs program.

Business and Regulatory Environment

• Tariffs: Nigeria applies the ECOWAS Common External Tariff (CET), which ranges from 0% to 35% depending on the product category.

• Import Licenses: Certain goods require special import permits or pre-shipment inspections.

• Export Documentation: Exporters must register with the Nigerian Export Promotion Council (NEPC) and obtain relevant certificates such as phytosanitary and quality assurance certifications.

• Local Partnerships: Foreign businesses are often advised to collaborate with local agents or import-export facilitators to navigate bureaucracy and local market nuances.

Challenges and Considerations

• Currency Fluctuations: The Nigerian Naira is subject to exchange rate volatility.

• Security Risks: Some regions, particularly in the northeast, experience instability. Trade is safest through Lagos, Abuja, and southern ports.

• Infrastructure Gaps: Power supply and road networks are still developing, which can delay logistics.

• Corruption and Bureaucracy: Navigating Nigeria’s trade ecosystem requires persistence and local knowledge, making the role of intermediaries critical.

Why Work with a Trade Intermediary in Nigeria?
Engaging a local or international intermediary for Nigerian trade can mitigate risks and streamline processes. Benefits include:

• Faster access to reliable suppliers or buyers

• Negotiation support and cultural understanding

• Compliance with Nigerian regulatory requirements

• Reduced logistical bottlenecks and cost optimization

• Local representation and after-sales support

Top Sectors for Intermediation-Based Trade with Nigeria