Nigeria: Terms of trade

* indicates monthly or quarterly data series
 Nigeria

Terms of trade, base year = 2000

 Latest value 127.38
 Year 2021
 Measure percent
 Data availability 1980 - 2021
 Average 92.39
 Min - Max 31.88 - 158.07
 Source The United Nations
For that indicator, we provide data for Nigeria from 1980 to 2021. The average value for Nigeria during that period was 92.39 percent with a minimum of 31.88 percent in 1998 and a maximum of 158.07 percent in 2012. The latest value from 2021 is 127.38 percent. For comparison, the world average in 2021 based on 189 countries is 109.62 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent values chart
Nigeria - Terms of trade - Recent values chart

Historical chart
Nigeria - Terms of trade - historical chart - 1980-2021




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.

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 Related indicators Latest value Reference Measure
 Terms of trade 127.38 2021 percent
 Trade openness 26.17 1960 percent
 Financial openness -0.666 2021 index points
 Exports, percent of GDP 9.24 1960 percent
 Exports, billion dollars 0.39 1960 billion U.S. dollars
 Imports, percent of GDP 16.92 1960 percent
 Imports, billion dollars 0.71 1960 billion U.S. dollars
 Foreign Direct Investment, percent of GDP -0.04 2022 percent
 Foreign Direct Investment, billion dollars -0.19 2022 billion U.S. dollars
 Portfolio investment inflows, equities 293.46 2022 million dollars (current)
 Current account, percent of GDP 0.10 2022 percent
 Current account, in dollars 1.02 2022 billion U.S. dollars
 Trade balance, percent of GDP -7.68 1960 percent
 Trade balance, in dollars -7.96 2022 billion U.S. dollars
 Reserves 35.56 2022 billion U.S. dollars
 Remittances, percent of GDP 4.26 2022 percent
 Remittances 20,127.61 2022 million U.S. dollars
 Net errors and omissions -7,513.48 2022 million USD
 External debt 21.39 2022 percent
 Short-term external debt 22.25 2022 percent
 Short-term debt to reserves 61.52 2022 percent
 Foreign exchange reserves 37.39 9/2022 billion
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