Nigeria: Terms of trade

The latest value from 2024 is 127.1 percent, a decline from 127.4 percent in 2023. In comparison, the world average is 105.73 percent, based on data from 189 countries. Historically, the average for Nigeria from 2005 to 2024 is 125.2 percent. The minimum value, 78.8 percent, was reached in 2020 while the maximum of 155.1 percent was recorded in 2008. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

The terms of trade for Nigeria are calculated as the value of its exports as percent of the value of its imports. An increase in the terms of trade means that the value of exports is increasing relative to the value of imports. The country can afford to buy more imports with the revenue from its exports. For example, an increase in the price of oil increases (improves) the terms of trade for the oil-exporting countries and lowers it for the other countries.

Definition: Net barter terms of trade index is calculated as the percentage ratio of the export unit value indexes to the import unit value indexes, measured relative to the base year 2015.