CTU GLOBAL has a widespread network and specialized knowledge across Asia, Europe, Africa and the Americas, enabling us to identify and evaluate the perfect manufacturer for your needs, facilitate the transition to production, or offer comprehensive and scalable supply chain solutions. Learn more about the regions where we offer these tailored solutions.
Nigeria, a Western African nation bordered by Benin, Chad, Cameroon, and Niger, exported products worth US$63.3 billion globally in 2022. This amount signifies a 19.7% increase from $52.9 billion in 2018. The total value of Nigerian exports surged by 33.1% year over year, a significant rise from $47.6 billion in 2021. The Nigerian naira has depreciated by -39.2% against the US dollar since 2018, with a -6.2% decline from 2021 to 2022. The weaker local currency makes Nigerian exports relatively more affordable for international buyers paying in stronger US dollars.
The majority of Nigeria’s exports consist of crude oil, accounting for 78.7% of its total export value. Despite this concentration, Nigeria is a key player in the global export market for oil seeds, while also being a significant competitor in supplying crude oil and cocoa beans internationally.
The following export product groups represent the highest dollar value in Nigerian global shipments during 2022:
Mineral fuels including oil: $57.5 billion (90.7% of total exports)
Sourcing products from Nigeria presents a unique set of opportunities and advantages for businesses seeking to diversify their supply chains and tap into new markets. With its growing economy, rich natural resources, and expanding manufacturing sector, Nigeria offers several benefits that can drive business growth and success. One key benefit of sourcing from Nigeria is the access to a wide range of natural resources, including oil, natural gas, minerals, and agricultural products. This abundance of resources can provide businesses with a diverse selection of raw materials to choose from, enabling them to create unique products and reduce dependency on limited sources.
Moreover, sourcing from Nigeria can offer cost advantages for businesses as labor and production costs in the country are relatively lower compared to some other regions. This can result in cost savings for businesses, making their products more competitive in the global market.
Furthermore, sourcing from Nigeria can help businesses diversify their supply chains and reduce risks associated with overreliance on a single sourcing region. By expanding their sourcing network to include Nigeria, businesses can mitigate supply chain disruptions and ensure continuity in their operations. In conclusion, sourcing products from Nigeria can offer numerous benefits including access to natural resources, cost advantages, support for local businesses, and diversification of supply chains. Businesses that leverage these advantages can gain a competitive edge in the market, drive growth, and contribute to the sustainable development of the Nigerian economy.
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