Nigeria: Economic indicators and trade with EU

Summary:

Our infographic provides an insight into the economic performance of Nigeria compared to the EU, and looks at the trade dynamics between the two. While GDP growth in Nigeria recovered quickly after a slight recession in 2020 due to the COVID-19 pandemic, a growing unemployment rate combined with rising inflation represent an economic challenge to the African country. Nigeria is an oil exporter, and the absence of local oil refinery capacities provides an opportunity for some EU Member States - mainly Belgium and the Netherlands - to import crude oil and re-export it to Nigeria after refining. The trade in petroleum oils represents 93 % of total EU imports and 53 % of total EU exports of goods to Nigeria.

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