Nigeria is one of Africa’s largest economies and it's leading oil exporter, with the largest natural gas reserves. Other export commodities are cocoa and rubber. The country’s economic growth is mainly driven by strong performance in the agricultural, trade, telecommunications, manufacturing and the film industries. Although agriculture continues to employ close to 70% of the labour force, oil remains the key economic sector. Nigeria’s main trade partners are Brazil, China, India, Japan, US and the European Union.
The country’s long-term economic performance remains broadly positive, driven by rising oil and gas production. One of the future challenges would be to intensify fundamental diversification of the economy, form oil into sectors such as ICT and services. Nigeria is a key economy in the ECOWAS and plays a significant role in the regional i-EPAs.
Regional trade development remains a priority. Regional integration partnership between Nigeria and other African countries and institutions such as AfDB is also evidence of how Nigeria is growing in its African role. Nigeria now competes with South Africa as leading economy in Africa. ITC’s current work in Nigeria addresses particular needs in the supply chain of the sesame seeds and shea nut better sectors.
Notes: Top 20 products listed in decreasing order of their export potential to the world. Development indicators are relative to the country’s current situation, green indicating performance above its trade-weighted median and red otherwise. A blank cell indicates that data are not available. A blank cell in export potential means that the product was not consistently demanded over five years by any country in the respective region. Exports (US$ thousand) correspond to average exports to the world over the period 2009-2013.