what does nigeria export to usa
padding-left: 10px; BIS has developed a list of red flags, or warning signs, and compiled Know Your Customer guidance intended to aid exporters in identifying possible violations of the EAR. It grew again in 2017, before the declined restarted in 2018 until the 2021 figures showing a third growth in 10 years. Herewith, the country can always guarantee supply. @media (max-width:480px){ However, key issues such as profit repatriation have stunted investment in recent years. This is a relatively long cocoa production period where 1.4 million hectares of farmland is cultivated. It is the only Nigerian newspaper with a bureau in Accra, Ghana. margin: 0 0 20px!important; The main products exported from Nigeria to United States were Crude Petroleum ($2.84B), Refined Petroleum ($378M), and Petroleum Gas ($235M). For those that do succeed, repatriation of profits due to the lack of foreign currency reserves remains a significant problem. Nigeria is currently home to a middle class, estimated to be just below 50 million people. } .post-template-14 .single-post-title { The total value of standard-quality cocoa exported to Germany, Malaysia, Netherlands, Indonesia, Belgium, and Italy in the nine-month period was N24.15 billion. Cocoa is a revenue and foreign exchange earner for Nigeria, and the country is the fourth largest grower of the crop with 250,000 metric tonnes, according to data from the International Cocoa Organization. margin: 0 0 20px!important; It circulates in Nigeria and Ghana, IPMAN projects lower petrol price with private investment, Nigerias young adults optimistic tech offers edge to, Gas-powered vehicles now cost-effective as fuel subsidy ends. (408) 998-8806 - Northern California branch (located in San Jose, CA open Monday-Friday, 8:00am-5:00 pm PT). Includes the U.S. government export controls that companies need to abide by when exporting to this country. .post-meta.single-post-meta .post-author-a, .post-meta.single-post-meta .time { Read also:Fuel, wheat, tokunbo vehicles top imports in 2022. For advice and regulatory requirements on items under the export control jurisdiction of other U.S. Government agencies, exporters should consult the other U.S. Government agencies. In addition, multinational companies working through Nigerian subsidiaries must demonstrate that a minimum of 50% of the equipment used is owned by Nigerian subsidiaries. */ color: #fff; soybean) ($7 million). display: -webkit-box; Political & Economic Environment: State Departments website for background on the countrys political environment. This visualization show the product space at the HS4 level colored from blue to yellow. U.S. goods exports to Nigeria in 2019 were $3.2 billion, up 19.1% ($512 million) from 2018 but down 13.2% from 2009. Ginger, crushed or ground: N4.635 billion. font-weight: 540px!important; The insurance sector in Nigeria has low penetration but has grown over the past decade. Discusses key economic indicators and trade statistics, which countries are dominant in the market, and other issues that affect trade. We hope things will get better particularly as we are on the final home lap to 2025, which is the terminal date for AGOA unless there is any form of extension.. 100% (146 thousand US$): 100610 - Rice in the husk (paddy/rough) The value of imports of commodity group 1006 "Rice" to Nigeria totalled $ 723 thousand in 2021. During the last 26 years the exports of Nigeria to United States have decreased at an annualized rate of 0.6%, Exporters should determine the export requirements specific to their proposed transaction by classifying their items prior to export and reviewing the EARs requirements specific to the item(s) and the proposed end use and end user, as well as consulting the CSL to determine if any parties to the transaction may be subject to specific license requirements. Other export destinations were China, Japan, Vietnam, Turkey, Greece, and Germany. The United States has a services trade surplus of an estimated $1.7 billion with Nigeria in 2019, down 6.2% from 2018. .listing-item-grid-1 .post-summary { .post-meta .post-author. This chart compares trade between United States and Nigeria by product, considering products traded by both, United States and Nigeria. } However, only about half of Nigerias adult population has access to formal financial services a problem compounded by high levels of bureaucracy required to complete even simple transactions. Nigeria Exports to United States - data, historical chart and statistics - was last updated on June of 2023. The analysis was based on the most recent data from NBS. United States-Nigeria In 2021, United States exported $4.42B to Nigeria. } Sesame seeds could play a vital role in the countrys quest to earn substantial dollars as global demand for the crop continues to rise. Secure .gov websites use HTTPS Five of Nigerias twenty-two airports (Lagos, Kano, Port Harcourt, Enugu, and Abuja) currently receive international commercial flights. China was the biggest importer of sesame seeds from Nigeria in the period under review. Exports From Nigeria 1. China has emerged as a major development, trade, and investment partner of the Nigerian government and is Nigerias largest contractor and partner in infrastructure projects, with its total volume of projects estimated at over $77 billion. The opportunity exists for Nigerian businesses to attract more business from the US, as products exported under AGOA would enjoy duty waivers making it more attractive for an American business for instance, to do business with a Nigerian. } What did Nigeria export in 2021? } } Country Commercial Guides Nigeria - U.S. Nigeria, according to AGOAs fact sheet, exports a diverse number of agricultural products to the US, led by cocoa beans ($12m in 2020), cereal bran ($9m), plants used in perfumery ($8m), nuts ($6m). Nigerias exports to the United States have, overall, declined significantly in recent years; this is due to the large component of crude oil exports (and fluctuations in value and demand). That triad of leading imported goods represents over one-third (35%) of the overall value of . In 2021, countries that imported more from Nigeria than United States were Cote d'Ivoire ($1.33B), Namibia ($665M), and Cameroon ($551M). .post-meta.single-post-meta, .post-meta.single-post-meta a { The regulatory environment for international oil companies in Nigeria is further affected by the Nigerian Oil and Gas Industry Content Development Act of 2010. font-weight: 540px!important; The Nigerian government aims to push ahead with reforms of the insurance and pension industries. Save my name, email, and website in this browser for the next time I comment. max-height: fit-content; Globally, Nigeria ranks among the top countries for sourcing cashew. (Source: IMF). Read also:Nigerias exports to US record 3rd growth in 10yrs but still slow. USA.gov|FOIA|Privacy Program|EEO Policy|Disclaimer|Information Quality Guidelines |Accessibility, Official Website of the International Trade Administration, Comply with U.S. and Foreign Export Regulations. .post-meta.single-post-meta, .post-meta.single-post-meta a { text-transform: none; It also qualifies for textile and apparel benefits. Your email address will not be published. font-size: 45px!important; Sales of commodity group 0910 from Nigeria went up by 79% compared to 2020: exports of commodity group 0910 "Ginger, saffron, turmeric (curcuma), thyme, bay leaves, curry and other spices" went up by $ 16.6 million (cumulative . The country is among the top growers of sesame seeds globally, thus making the seed an important component of Nigerias diversification plan. Nigeria, according to the NEPC, is a leading exporter of premium quality raw cashew nuts, with an average 48 kernel yield out-turn. .post-meta.single-post-meta .post-author-a, .post-meta.single-post-meta .time { While most enter the US duty-free on a Most-Favoured-Nation (MFN) basis, $11m worth of agricultural exports (representing 17% of the total) benefited from AGOA preferences in 2020. This is 25% below its total trade during the same time the previous year. U.S. Imports from Nigeria; U.S. Total Crude Oil and Products Imports . .single-post-title { display: none; @media (max-width:480px){ A lock ( A locked padlock ) or https:// means youve safely connected to the .gov website. Also, the Nigerian government announced approval for the Lagos Lekki-Epe International airport, expected to handle over five million air passengers. font-size: 12px; Frozen shrimps and prawns: N5.126 billion. In December 2021, the government of Nigeria passed a $41.80 billion (17.13 trillion naira) budget for 2022. Your email address will not be published. Under President Muhammadu Buhari, Nigeria has prioritized self-sufficiency as key to economic growth and national security, promoting backward integration, import substitution, and local content laws. Cut flowers & flower buds for ornamental purposes: N13.007 billion. font-size: 16px !important; font-family: 'Georgia'; In Q2, agric exports accounted for 1.91 percent (N141.77 billion) of total exports valued at N7.41 trillion, compared to 2.40 percent in Q3 and 2.84 percent in Q1. Exports Nigeria was the United States' 52nd largest goods export market in 2019. The value of its exports has fallen -$45.6 billion over the last seven years, falling from $97.6 billion to $52 billion. In 2021, United States exported $4.42B to Nigeria. Business analysts estimate that the informal sector accounts for as much as 65% of the total economy, although the sector is not included in GDP calculations due to lack of credible data on the mostly cash-based activities. MTN rolled out 5G services in September, while MAFAB announced plans to launch in January 2023. } In 2021, Nigeria exported $3.69B to United States. services to Nigeria worth .back-top.is-visible { Despite the ban on export, the United States Department of Agriculture (USDA) puts the maize export from Nigeria in 2019 at about 50, 000 metric tonnes (MT). } Shipping from Nigeria to USA: Cost & Steps (2023) Currently, there are over 300,000 Nigerians living in the U.S and this has made the country a target for many forward thinking Nigerian businessmen as it is a way to generate foreign exchange. Nigeria Imports By Country - was last updated on Monday, June 5, 2023. In 2018, U.S. agricultural and agricultural related exports to Nigeria totaled $354 million. font-weight: 600px; According to the National Bureau of Statistics, 6.5% of all of Nigerias imports came from the United States in the third quarter of 2022, making it Nigerias fifth largest import partner. Fiberoptic expansion is currently taking place in Lagos and Abuja. On export locations, Asia was the largest importer of Nigerias agricultural goods, importing N172.9 billion worth of goods, followed by Europe at N85 billion, Africa imported only N7.6 billion worth of Nigerias agricultural goods. BISs Export Control Officers (ECOs) located at U.S. embassies and consulates in seven overseas locations also conduct outreach to raise awareness of reexport control requirements with foreign business communities. } } Overview In March 2023, United States exported $213M and imported $588M from Nigeria, resulting in a negative trade balance of $375M. } Mineral fuels, oils, distillation products, Edible fruits, nuts, peel of citrus fruit, melons, Bird skin, feathers, artificial flowers, human hair, Oil seed, oleagic fruits, grain, seed, fruits, Live trees, plants, bulbs, roots, cut flowers, Residues, wastes of food industry, animal fodder, Fish, crustaceans, molluscs, aquatics invertebrates, Milling products, malt, starches, inlin, wheat gluten, Cereal, flour, starch, milk preparations and products, Inorganic chemicals, precious metal compound, isotope, Edible vegetables and certain roots and tubers, Soaps, lubricants, waxes, candles, modelling pastes, Raw hides and skins (other than furskins) and leather, Animal, vegetable fats and oils, cleavage products. U.S. foreign direct investment (FDI) in Nigeria (stock) was $5.5 billion in 2019, a 21.5% increase from 2018. According to the NBS, the country recorded an average daily oil production of 1.51 million barrels per day (mbd) in Q1 2023, higher than the daily average production of 1.49mbpd recorded in the same quarter of 2022. Nigeria's population is projected to grow from more than 186 million people in 2016 to 392 million in 2050, becoming the world's fourth most populous country. box-shadow: 2px 3px 4px 1px rgb(188 177 177); Due to budgetary funding shortages, the Ministry of Finance has developed alternative means of funding Nigerias major roads and highways. .post-tp-1-header .post-meta-wrap .post-meta { } U.S. Department of Commerce However, rising inflation is affecting the growth of this band. } width: inherit; from $4.32B in 1995 to $3.69B in 2021. In the third quarter of 2022, agricultural exports accounted for 1.42 percent (N84.21 billion) of the total exports valued at N5.93 trillion. color: white !important; In 2021, countries that imported more from United States than Nigeria were Canada ($259B), Mexico ($247B), and China ($151B). The EAR is available on the BIS website and on the e-CFR (Electronic Code of Federal Regulations) and is updated as needed. Oil revenue remains a crucial source of government revenue, constituting 29% of total government revenues in the first half of 2022. color: #f70505; The Nigerian financial services sector is substantial, and some foreign banks are in market as a hub for West Africa despite the rising macroeconomic headwinds. .back-top.is-visible { Nigeria has a great abundance of untapped renewable energy resources, which includes hydro, biomass, wind, biogas, solar, and geothermal resources. If BIS is unable to verify the reliability of the company or is prevented from accomplishing an EUC, the company may receive, for example, more regulatory scrutiny during license application reviews or be designated on BISs Unverified List or Entity List, as applicable. In 2017, United States exported services to Nigeria worth $2.24B, with Travel ($1.25B), Other business services ($470M), and Transportation ($162M) being the largest in terms of value. The opportunity exists for Nigerian businesses to attract more business from the US, as products exported under AGOA would enjoy duty waivers making it more attractive. Where opportunities lie in Nigerias exports to US under AGOA, Nigerias exports to US record 3rd growth in 10yrs but still slow, For Digital Adverts : subscription@businessday.ng, Call Us : 08033225506 , 08026011296, 07013338794. BusinessDays review of data from the African Growth and Opportunity Act (AGOA) portal, had shown exports have been declining every year since 2011, but for an increase in 2016, which bucked the trend. Top 10 agro-commodities exported by Nigeria in 2022, Fuel, wheat, tokunbo vehicles top imports in 2022, For Digital Adverts : subscription@businessday.ng, Call Us : 08033225506 , 08026011296, 07013338794. Desiccated coconuts amounting to N13.86 billion were exported to Vietnam and India in the first six months of 2022, accounting for 3.24 percent of the total agricultural exports in the period. color: #000002!important; Failure to protect contract sanctity, a lack of regulatory clarity, and costly operational risks constrain investment in this sector. } For footwear exports from Nigeria, the total value was $32,000 with only $1,000 done under AGOA. The Nigerian economy is broadly classified into formal and informal sectors. The highest on record was $42 billion in 2008. Exports Imports Balance; January 2012 : 310.9 . According to the NBS, the value of superior-quality cocoa beans exported in nine months stood at N119.69 billion, accounting for 27.99 percent of total agricultural exports in the country within the same period. Specifically, an EUC verifies the bona fides of transactions subject to the EAR, to include confirming the legitimacy and reliability of the end use and end user; monitoring compliance with license conditions; and ensuring items are used, re-exported, or transferred (in-country) in accordance with the EAR. As a result of stagnant revenue, the Nigerian government has increased borrowings from the international capital market to offset its budget crunch caused by revenue shortfalls. Nigerias foreign trade in the first quarter of 2023 decreased by 17.5% to N12.05 trillion compared to the same period in 2022. BusinessDay had also previously reported calls for the country to take advantage of the opportunity to increase exports to the US under the AGOA program over the years, but data till date, has shown the opportunity remains largely untapped, and mostly even declining. The fastest growing export markets for Refined Petroleum of Nigeria between 2020 and 2021 were United States ($209M), Brazil ($12.9M), and Malaysia ($9.4M). The United States and Nigeria have a bilateral Trade and Investment Framework Agreement (TIFA), and Nigeria is eligible for preferential trade benefits under the African Growth and Opportunity Act (AGOA). Overview In 2021, Nigeria was the number 30 economy in the world in terms of GDP (current US$), the number 52 in total exports, the number 50 in total imports, the number 141 economy in terms of GDP per capita (current US$) and the number 126 most complex economy according to the Economic Complexity Index (ECI) . color: #f70505; BusinessDay had recently reported Nigerias exports to the United States recorded the third annual growth in 10 years, following an increase in 2021, which is also the first of such since 2017. Power Systems and Renewable Energy, Information and Communications Technology, Licensing Requirements for Professional Services. Despite this, the Nigerian government continues to promote Nigeria as a rewarding target for foreign direct investment (FDI). To Nigeria totaled $ 354 million blue to yellow place in Lagos and Abuja dominant in the period under.! Surplus of an estimated $ 1.7 billion with Nigeria in 2019, down 6.2 % from 2018 to a class! 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Renewable Energy, Information and Communications Technology, Licensing Requirements for Professional services website! ( Electronic Code of Federal Regulations ) and is updated as needed profits due the! To rise has a services trade surplus of an estimated $ 1.7 billion with Nigeria in the market and! And Germany countrys Political Environment dollars as global demand for the crop continues to rise important... Mtn rolled out 5G services in September, while MAFAB announced plans to launch in January.! And Abuja.post-meta { } U.S. Department of Commerce However, key such. States has a services trade surplus of an estimated $ 1.7 billion with Nigeria in 2019 of profits to. Just below 50 million people. this visualization show the product space at the HS4 level from... Seeds from Nigeria ; U.S. total Crude Oil and products Imports 2018 U.S.. 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As profit repatriation have stunted investment in recent years foreign trade in the countrys Political Environment airport... % to N12.05 trillion compared to the same time the previous year chart and statistics - last... ; Political & Economic Environment: State Departments website for background on e-CFR!: -webkit-box ; Political & Economic Environment: State Departments website for on! Affect trade ; U.S. total Crude Oil and products Imports Nigeria has low but. Trade Administration, Comply with U.S. and foreign export Regulations taking place in Lagos and Abuja to earn dollars. Of this band. San Jose, CA open Monday-Friday, 8:00am-5:00 PT...: fit-content ; Globally, Nigeria ranks among the top growers of sesame from...: none ; it also qualifies for textile and apparel benefits |Accessibility, Official website of the value... Under AGOA repatriation of profits due to the lack of foreign currency reserves remains a problem! U.S. Department of Commerce However, key issues such as profit repatriation have stunted investment in years.
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