What is Nigeria’s biggest export?
Question
What is Nigeria’s biggest export? Most countries generate resources through exportation of goods and service.
I am quite aware that Nigeria is involved in importation and exportation. I just want to know some of the main products that we export as a nation.
Answers ( 5 )
Nigeria’s biggest export includes, crude oil and Agricultural products like Cassava and Cocoa.
More than 50% of Nigeria’s yearly income come from crude oil. Among the 100 plus oil producing Nations, Nigeria is still 13 on the list. There others
For now Nigeria’s biggest export is crude oil and other solid minerals. We also export agricultural produce. However, oil and gas still account for more than 50% of Nigeria’s yearly exports.
Nigeria’s biggest export is crude oil of course. While this has maintained top position in the last 20 plus years is no mystery.
Crude oil can be processed into more than 400 by-product. Hence the reason it remained top on the list.
Also, crude is abundant in Nigeria. At 13th position, Nigeria is one of the world major reservoir for crude oil.
Agricultural products come second on the list. Currently, agriculture contribute over 20% of Nigeria’s revenue.
Third on the list would be coal.
So here is the list of Nigeria’s biggest export.
1 Crude Oil.
2 Agricultural Products (Cocoa, Palm seeds, Cassava, Nuts etc.)
3 Tobacco.
4 Raw hide and skin (Leather).
5 Fertilizers.
Prior to the discovery of hydrocarbons in Nigeria agricultural products has been our biggest export but currently Nigerias biggest export is the crude oil it accounts for about 95% of its annual export it also serves as the MainStay of the country’s economy.
Nigeria biggest export are petroleum products. In 2018 alone, petroleum products accounted for over 90% of the country’s exports.
Some of the petroleum products includes;
Nigeria exports crude oil and imports refined oil due to lack of refineries and limited technology. There over 400 products that could be made out of crude oil.
If we had the industries to make this products, we would probably have a lot to export.