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2022
Flag → Flag
Exports $1.58MRnk 98 / 166
2022
Flag → Flag
Top Product $691kRubber
2022
Flag → Flag
Exports $138MRnk 54 / 207
2022
Flag → Flag
Top Product $45.3MRefined Petroleum
2022
Flag
Economic Complexity (ECI) ECI -1.67Rnk 127 / 133
2022
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Economic Complexity (ECI) ECI 1.41Rnk 13 / 133
2022
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GDP$477BCURRENT US$
Rnk 30 / 186
2012-2022
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GDP GROWTH2.89%CURRENT US$
Rnk 159 / 186
2022
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 GDP$281BCURRENT US$
Rnk 47 / 186
2012-2022
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GDP GROWTH8.73%CURRENT US$
Rnk 147 / 186
2022
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GDP PC $2,184CURRENT US$
Rnk 146 / 186
2012-2022
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GDP PC GROWTH-19.9%CURRENT US$
Rnk 173 / 186
2022
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GDP PC$50,537CURRENT US$
Rnk 18 / 186
2012-2022
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GDP PC GROWTH5.93%CURRENT US$
Rnk 127 / 186

About

Nigeria-Finland Trade: In 2022, Nigeria exported $1.58M to Finland. The main products that Nigeria exported to Finland were Rubber ($691k), Other Oily Seeds ($652k), and Spices ($58.3k). Over the past 5 years the exports of Nigeria to Finland have increased at an annualized rate of 7.71%, from $1.09M in 2017 to $1.58M in 2022.

In 2022, Nigeria did not export any services to Finland.

Finland-Nigeria Trade: In 2022, Finland exported $138M to Nigeria. The main products that Finland exported to Nigeria were Refined Petroleum ($45.3M), Wheat ($26.3M), and Electric Generating Sets ($24.2M). Over the past 5 years the exports of Finland to Nigeria have increased at an annualized rate of 17.2%,  from $62.5M in 2017 to $138M in 2022.

In 2019, Finland exported services to Nigeria worth $1.12M, with Other business services ($1.12M) being the largest in terms of value.

Comparison: In 2022,  Nigeria ranked 127 in the Economic Complexity Index (ECI -1.67), and 51 in total exports ($70.7B). That same year, Finland ranked 13 in the Economic Complexity Index (ECI 1.41), and 46 in total exports ($89.9B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Nigeria exported $1.58M to Finland. The main products exported from Nigeria to Finland were Rubber ($691k), Other Oily Seeds ($652k), and Spices ($58.3k). During the last 5 years the exports of Nigeria to Finland have increased at an annualized rate of 7.71%, from $1.09M in 2017 to $1.58M in 2022.

In 2017, Finland exported $138M to Nigeria. The main products exported from Finland to Nigeria were Refined Petroleum ($45.3M), Wheat ($26.3M), and Electric Generating Sets ($24.2M). During the last 5 years the exports of Finland to Nigeria have increased at an annualized rate of 17.2%, from $62.5M in 2022 to $138M in 2017.

Exports from Nigeria (Flag) to Finland (Flag) (2022)

Exports from Finland (Flag) to Nigeria (Flag) (2022)

Latest Data

Trade between Nigeria (Flag) and Finland (Flag)

Nigeria Exports

Date

Finland Exports

Market Competitiveness

Color
Nigeria
Top DestinationSpain$9.41B
Finland
Top DestinationGermany$9.99B

This map shows whether countries import more from Nigeria or Finland. Each country is colored based on the difference in imports they receive from Nigeria and Finland or the difference in the growth in imports.

In 2022, countries that imported more from Nigeria than Finland included Spain ($9.41B), India ($8.2B), and Indonesia ($3.83B).

In 2022, countries that imported more from Finland than Nigeria included Germany ($9.99B), Sweden ($9.1B), and United States ($9.17B).

Difference in imports from Finland (Flag) and Nigeria (Flag) (2022)

Comparative Advantage Nigeria - Finland

Flow
Scale

This chart compares trade between Nigeria and Finland by product, considering products traded by both, Nigeria and Finland.

During 2022, Nigeria had a large net trade with Finland in the exports of Vegetable Products ($755k), Plastics and Rubbers ($692k), and Foodstuffs ($43.3k).

During 2017, Finland had a large net trade with Nigeria in the exports of Mineral Products ($45.3M), Machines ($35.4M), and Vegetable Products ($26.3M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Nigeria Finland+$449kRubber
Top Product Potential Finland Nigeria+$48.7MRefined Petroleum

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

In 2019, Finland exported services to Nigeria worth $1.12M, with Other business services ($1.12M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Finland (Flag) to Nigeria (Flag) (2019)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Nigeria and Finland. This means that a dot/product with the flag of Nigeria indicates it has a comparative advantage over Finland. Similarly, a dot/product with the flag of Finland indicates it has a comparative advantage over Nigeria.

Product Space of Nigeria (Flag) and Finland (Flag) (2022)

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