The Federal Republic of Nigeria (Nigeria) is Africa’s largest country; in terms of population and the size of its economy. Situated in West Africa it has an area of nearly 924,000 square kilometers, a population of close to 180.0 million and a GDP estimated at US$574.0 billion in 2014. Though Nigeria is such an important country in Africa, Pakistan’s bilateral trade with Nigeria in 2014 was onlyUS$80.0 million with Pakistan having a trade surplus of US$44.0 million. In an effort to showcase Nigeria’s potential, the Pakistan Business Council (PBC) has prepared this short profile on Nigeria. This is part of the PBC’s efforts to get Pakistani companies to look at the major economies of Africa – a continent which has at times been described as the “next growth area”.
Nigeria is heavily dependent on exports of oil & natural gas, and though some efforts have been made to diversify its export base, oil & gas contributed 97% to Nigeria’s exports of US$93.4 billion in 2014. The next item on Nigeria’s export list is Cocoa and cocoa preparations (0.8%). On the import side out of the total imports of US$50.8 billion, the major contributors are Refined Mineral fuels (15.0%), Machinery (13.0%), Electrical, Electronic Equipment (9.0%), Vehicles (8.0%) and Plastics Articles (4.0%).
Pakistan’s exports to Nigeria in 2014 were worth US$62.0 million, the major items exported included Wadding, felt nonwovens – $22.4 million, Plastics and articles thereof – $6.2 million, Pharmaceutical products – $6.2 million, Manmade staple fibers – $4.1 million & Beverages, spirits and vinegar – $3.5 million. In addition to what is already being exported, opportunities for Pakistani firms lie in the export of rice, cotton, cotton textiles, medical instruments, etc.