Top 5 Nigerian Exports: What Nigeria Does Well

Nigeria is a country with many strengths, and despite the world viewing it as one of the poorest countries in Africa, Nigeria has made strides to improve its economy. One way this can be seen is by looking at what Nigeria exports. In 2016, five Nigerian exports were worth $4 billion: Crude oil ($3.9 billion), Gold ($1.6 billion), Palm oil ($0.5 billion), Cocoa beans ($0.2 billion) and Diamonds (over $100 million). What does this mean for Nigerians? It means that there are jobs available specifically in these areas because they are exporting products!

 

Section 1: What Nigeria exports

Nigeria is a country with many strengths, and despite the world viewing it as one of the poorest countries in Africa, Nigeria has made strides to improve its economy. One way this can be seen is by looking at what Nigeria exports. In 2016, five Nigerian exports were worth $4 billion: Crude oil ($3.9 billion), Gold ($1.6 billion), Palm oil ($0.5 billion), Cocoa beans ($0.2 billion) and Diamonds (over $100 million). What does this mean for Nigerians? It means that there are jobs available specifically in these areas because they are exporting products!

 

Cocoa beans – The world is trending towards African cocoa, and Nigeria has made efforts to supply these goods to the world. There is a huge demand for these products.

 

What these five exports teach us about Nigeria

1. Nigeria is a hub for Africa’s trade

 

Nigeria's main exports are crude oil, gold, cocoa and to a lesser extent, palm oil, but trade with all of these countries has a huge economic impact. For example, in 2016, Nigeria exported $4 billion worth of crude oil to China but that same year, Nigeria also exported $390 million worth of cocoa beans to China. China has more than 800 million people and 1/3 of the world's population, China is a place where buying Nigerian crude oil to produce other goods is much easier than, for example, investing in the oil field. This means that they can get their money out of Nigeria fast and spend it to buy goods from China, that Nigeria is then able to export to other places like the United States and Europe.

 

2.

 

Why it is important for a country to export goods

Exporting products is not only important for the economy, it is also important for foreigners who might want to live in a country, just like you may want to live in a country where one of your top exports is oil.

 

How to become an entrepreneur of an export business

 

According to Guinness World Records, the largest exporter in the world is the United Arab Emirates (UAE). Their government owns Emirates Airline which is the world’s largest carrier. Not only do they export a lot of oil, but they are also a tourist hub for many. To become an entrepreneur of an export business, you must first decide what you want to export and where you want to export it. What sort of products and areas you choose to sell are a few factors that determine the business type.

 

Conclusion

Nigeria is made up of multiple cultures, languages, and ideas. Because of this, one way to find your "niche" in the country is to find something you do really well. It's a great way to take advantage of the opportunities that exist in Nigeria. Find out what you can do well, and then look at what the country exports in that area, and look to see if you can do better! It's not about what Nigeria does well; it's about what you can do well.

 

Musician and Ethical Hacking Evangelist Deji Ashiru (@cyberkimoko) is one of the foremost experts in Ethical Hacking and social engineering, both in Africa and worldwide.