According to resources, the total export to Nigeria from India reached an estimated revenue of more than $3 Billion by the year 2022.
Trade agreements have also been signed between both countries in order to support exports.
| Value in $Billion | 2020-2021 | 2021-2022(Apr-Dec) |
| India Export to Nigeria | 3.1B | 3.4B |
| India Import from Nigeria | 5.6B | 7.3B |
| Total Trade | 8.7B | 10.7B |
Petroleum, Vehicles and Machinery are the major exported products from India to Nigeria at the present moment.
The E-commerce market in Nigeria reached $8.5 Billion by 2022 and expected to cross $12.5 Billion by the year 2025 with 13% growth rate.
The main reason behind this development is the Internet penetration rate in Nigeria which has reached more than 50% by 2022.
So, itβs a good scope for Indian exporters and sellers to grab the Nigeria market whether through offline channels or online selling platforms & marketplaces in Nigeria.
Useful resources