Nigeria - Exports of goods and services (% of GDP)

Exports of goods and services (% of GDP) in Nigeria was 8.83 as of 2020. Its highest value over the past 60 years was 36.02 in 2000, while its lowest value was 5.25 in 1986.

Definition: Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1960 9.24
1961 9.19
1962 8.27
1963 8.78
1964 9.20
1965 10.89
1966 10.41
1967 11.08
1968 9.93
1969 11.39
1970 8.41
1971 10.83
1972 10.97
1973 15.92
1974 25.18
1975 18.34
1976 18.22
1977 24.87
1978 19.55
1979 24.82
1980 29.38
1981 8.59
1982 6.69
1983 5.53
1984 6.35
1985 7.10
1986 5.25
1987 12.85
1988 11.17
1989 25.25
1990 20.97
1991 24.25
1992 23.97
1993 20.07
1994 13.55
1995 24.16
1996 23.02
1997 28.65
1998 18.14
1999 21.33
2000 36.02
2001 28.25
2002 23.24
2003 26.75
2004 20.25
2005 21.03
2006 29.52
2007 21.24
2008 25.67
2009 18.63
2010 25.66
2011 31.62
2012 31.55
2013 18.05
2014 18.44
2015 10.67
2016 9.22
2017 13.17
2018 15.50
2019 14.22
2020 8.83

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts