Nigeria
↔
Singapore

Nigeria-Singapore Bilateral Trade Analysis 2023

Complete trade statistics: $9.58B total volume •Nigeria deficit: $9.11B

Nigeria → Singapore

$231.40M

Exports (2023)

Singapore → Nigeria

$9.34B

Imports (2023)

Trade Balance

$9.11B

Deficit for Nigeria

Total Trade

$9.58B

Combined Volume

Trade Flow Visualization

Direct trade relationship between Nigeria and Singapore. Green line shows exports from Nigeria, red line shows imports.

Detailed Product Trade Analysis

Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Nigeria-Singapore commercial relationship and competitive positioning in global markets.

Nigeria → Singapore Exports

$231.40M
2023 Total

Export Market Intelligence

Product Diversity:
Highly Diversified
Market Share:
92.9% top product
1Oils: petroleum oils and oils obtained from bituminous minerals, crude
$214.93M
92.9% of exports
2Cocoa beans: whole or broken, raw or roasted
$11.95M
5.2% of exports
3Turbo-propellers: of a power exceeding 1100kW
$858,093
0.4% of exports
4Soya beans: other than seed, whether or not broken
$855,493
0.4% of exports
5Flours and meals: of soya beans
$603,287
0.3% of exports
6Soya beans: seed, whether or not broken
$355,602
0.2% of exports
7Oil seeds: sesamum seeds, whether or not broken
$317,049
0.1% of exports
8Nuts, edible: cashew nuts, fresh or dried, shelled
$303,058
0.1% of exports
9Chocolate and other food preparations containing cocoa: n.e.c. in chapter 18
$173,716
0.1% of exports
10Iron or steel (excluding cast iron or stainless steel): seamless, drill pipe, of a kind used in drilling for oil or gas
$128,192
0.1% of exports

🎯 Strategic Export Focus

Nigeria's export portfolio to Singapore demonstrates strong diversification across multiple sectors, with oils: petroleum oils and oils obtained from bituminous minerals, crude representing a key competitive advantage in this bilateral market.

Singapore → Nigeria Imports

$9.34B
2023 Total

Import Dependency Profile

Supply Diversity:
Well Diversified
Critical Imports:
98.1% concentration
1Tanks and other armoured fighting vehicles: motorised, whether or not fitted with weapons, and parts of such vehicles
$9.17B
98.1% of imports
2Electronic integrated circuits: processors and controllers, whether or not combined with memories, converters, logic circuits, amplifiers, clock and timing circuits, or other circuits
$16.90M
0.2% of imports
3Tools: for working in the hand, parts of chain saws, with self-contained non-electric motor
$11.00M
0.1% of imports
4Cruise ships, excursion boats and similar vessels, principally designed for the transport of persons, ferry boats of all kinds
$9.17M
0.1% of imports
5Vehicles: spark-ignition internal combustion piston engine, for transport of goods, (of a g.v.w. not exceeding 5 tonnes), n.e.c. in item no 8704.1
$8.53M
0.1% of imports
6Petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils
$8.39M
0.1% of imports
7Food preparations: of flour, meal, starch, malt extract or milk products, suitable for infants or young children, put up for retail sale
$7.88M
0.1% of imports
8Vessels: n.e.c. in heading no. 8901, for the transport of goods and other vessels for the transport of both persons and goods
$5.05M
0.1% of imports
9Uncoated paper and paperboard (not 4801 or 4803): printing, writing or graphic, 10% or less by weight of mechanical or chemi-mechanical processed fibre, weight 40-150g/m2, n.e.c. in item no. 4802.55 or 4802.56
$4.86M
0.1% of imports
10Propylene, other olefin polymers: polypropylene in primary forms
$4.79M
0.1% of imports

📦 Import Strategy Analysis

Nigeria's import pattern from Singapore reveals significant dependencyin tanks and other armoured fighting vehicles: motorised, whether or not fitted with weapons, and parts of such vehicles, highlighting complementary economic structures and potential supply chain optimization opportunities.

Competitive Trade Position Analysis

🏆

Market Leadership

Nigeria demonstrates competitive strength in exportingoils: petroleum oils and oils obtained from bituminous minerals, crude to Singapore, leveraging comparative advantages.

Export Leader in 20+ Categories
🔄

Trade Complementarity

The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.

Specialized Exchange
📈

Growth Potential

The $9.58B trade volume indicates substantial economic integration with room for expansion in emerging sectors.

Significant Partnership

Executive Summary: Nigeria-Singapore Trade Relationship

Key Trade Highlights 2023

  • Total Trade Volume: $9.58 billionrepresenting a significant bilateral economic relationship
  • Trade Balance: Nigeria maintains a deficit of $9.11 billion
  • Export Focus: Nigeria's primary exports include oils: petroleum oils and oils obtained from bituminous minerals, crude, cocoa beans: whole or broken, raw or roasted, turbo-propellers: of a power exceeding 1100kw
  • Import Dependencies: Key imports from Singapore include tanks and other armoured fighting vehicles: motorised, whether or not fitted with weapons, and parts of such vehicles, electronic integrated circuits: processors and controllers, whether or not combined with memories, converters, logic circuits, amplifiers, clock and timing circuits, or other circuits, tools: for working in the hand, parts of chain saws, with self-contained non-electric motor

Strategic Trade Indicators

Trade IntensityHigh
Export DiversificationDiversified
Trade Balance HealthImbalanced

📈 Market Position: This bilateral trade relationship represents an important regional trade partnerships, with complementary economic strengths driving sustained commercial exchange.

Historical Trade Analysis & Economic Context

Trade Evolution Timeline

2019-2023: Recent Trends

Current trade volume of $9.58B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.

2015-2019: Growth Period

Sustained expansion in bilateral trade driven by complementary economic structures, with Nigeria leveraging its comparative advantages in oils: petroleum oils and oils obtained from bituminous minerals, crude.

2010-2015: Foundation Building

Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.

Pre-2010: Early Development

Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.

Key Economic Drivers

1

Comparative Advantage

Nigeria's specialization in oils: petroleum oils and oils obtained from bituminous minerals, crudecomplements Singapore's demand patterns, creating natural trade synergies.

2

Supply Chain Integration

Deep integration in global value chains has strengthened bilateral linkages, particularly in tanks and other armoured fighting vehicles: motorised, whether or not fitted with weapons, and parts of such vehicles.

3

Market Access & Trade Policy

Favorable trade agreements and market access conditions have facilitated the growth of this $9.58B bilateral relationship.

Trade Pattern Insights

Trade ComplementarityAsymmetric
Seasonal VariationsModerate
Product ConcentrationLow
Market DependencyHigh
🔮

Trade Relationship Outlook

The $9.58B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.

Economic Impact & Strategic Outlook

Economic Impact Assessment

💰

Trade Volume Impact

The $9.58 billion bilateral trade volume represents a important trade relationshipfor both economies.

Economic Significance: Moderate
🏭

Industrial Integration

Trade flows in oils: petroleum oils and oils obtained from bituminous minerals, crude and tanks and other armoured fighting vehicles: motorised, whether or not fitted with weapons, and parts of such vehicles demonstrate deep industrial linkages and supply chain integration.

Supply Chain Integration: Diversified
⚖️

Trade Balance Effects

Nigeria's trade deficit of $9.11 billion impacts its overall economic position in this bilateral relationship.

Balance Impact: Import Dependency

Strategic Future Outlook

🚀Growth Opportunities

Emerging Sectors
Technology transfer and innovation cooperation in cocoa beans: whole or broken, raw or roasted present expansion opportunities.
Market Diversification
Beyond current focus on tanks and other armoured fighting vehicles: motorised, whether or not fitted with weapons, and parts of such vehicles, new product categories offer potential for trade expansion.

⚠️Risk Factors

Supply Chain Vulnerabilities
High trade imbalance may create supply chain risks
Market Competition
Global competition in oils: petroleum oils and oils obtained from bituminous minerals, crude may affect future market positioning.

🎯Strategic Recommendations

  • Strengthen cooperation in high-value sectors beyond current trade patterns
  • Develop alternative supply chains to reduce dependency risks
  • Explore joint ventures in emerging technology sectors
  • Enhance trade facilitation and reduce transaction costs

Market Position & Competitive Summary

The bilateral trade relationship between Nigeria and Singapore represents a total trade volume of $9.58 billion in 2023. This partnership demonstrates an unfavorable trade balance for Nigeria, with imports exceeding exportsby $9.11 billion.

Export Strengths

Nigeria's exports to Singapore total $231.40 million, with competitive advantages in oils: petroleum oils and oils obtained from bituminous minerals, crude, representing $214.93M or92.9% of bilateral exports.

Import Dependencies

Imports from Singapore amount to $9.34 billion, highlighting economic interdependence in tanks and other armoured fighting vehicles: motorised, whether or not fitted with weapons, and parts of such vehicles, with Tanks and other armoured fighting vehicles: motorised, whether or not fitted with weapons, and parts of such vehicles comprising98.1% of total imports.

The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Nigeria's strategic sourcing from Singapore. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.

Download Bilateral Trade Data

Access detailed trade data between Nigeria and Singapore in multiple formats.

Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023