By Members' Research Service / March 7, 2023

Nigeria: Economic indicators and trade with EU

Our infographic provides an insight into the economic performance of Nigeria compared to the EU, and looks at the trade dynamics between the two.

Nigeria: Economic indicators and trade with EU

Written by Györgyi Mácsai, Members’ Research Service (EPRS) with Mira Manini Tiwari, GlobalStat, EUI.

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.

Read this infographic on ‘Nigeria: Economic indicators and trade with EU‘ in the Think Tank pages of the European Parliament.

Categories: Economic and Social Policies, International Relations, PUBLICATIONS Tags: At a glance, economics and monetary issues, economy, European University Institute (EUI), GlobalStat, Gyorgyi Macsai, infographics, international trade, Mira Manini Tiwari, Nigeria, Sub-Saharan Africa

Members' Research Service

The central task of the Members Research Service is to ensure that all Members of the European Parliament are provided with analysis of, and research on, policy issues relating to the European Union, in order to assist them in their parliamentary work.

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