Nigeria's economy is heavily reliant on its oil and gas industry. However, the country also exports significant amounts of agricultural products, natural gas, solid minerals, and refined petroleum products. The success of Nigerian exporters such as Olam International and Multiverse Mining and Exploration Plc demonstrates the potential for further growth and diversification of the country's export economy.
Crude oil is Nigeria's primary export, and it accounts for over 90% of the country's total export revenue. According to the Nigerian National Petroleum Corporation (NNPC), Nigeria exported 725 million barrels of crude oil in 2020, worth approximately $34.6 billion. The United States, India, Spain, France, and the Netherlands are the top importers of Nigerian crude oil.
Natural gas is the second-largest export commodity in Nigeria, accounting for over 4% of the country's total export revenue. According to the Nigerian Bureau of Statistics, Nigeria exported 19.69 billion cubic meters of natural gas in 2020, worth approximately $2.83 billion. India, Spain, France, and Turkey are the top importers of Nigerian natural gas.
Nigeria is also a significant exporter of agricultural products, including cocoa, cashew nuts, sesame seeds, rubber, and palm oil. In 2020, Nigeria exported $2.44 billion worth of agricultural products. Olam International, a multinational agribusiness company, is one of the largest exporters of Nigerian agricultural products. The company exports cashew nuts, sesame seeds, and cocoa from Nigeria to various countries worldwide.
Nigeria has significant deposits of solid minerals, including tin, iron ore, coal, gold, and lead. However, the country has not fully exploited these resources due to a lack of investment and infrastructure. In 2020, Nigeria exported solid minerals worth approximately $154 million. Multiverse Mining and Exploration Plc, a Nigerian mining company, is one of the largest exporters of solid minerals in the country.
Nigeria also exports refined petroleum products such as gasoline, diesel, and kerosene. In 2020, Nigeria exported $4.54 billion worth of refined petroleum products. The major importers of Nigerian petroleum products are Ghana, Mali, and Niger.