Bilateral relations

Nigeria was Australia’s 61st largest trading partner in 2020, accounting for $475 million of goods and services trade in 2020. The pandemic has significantly disrupted trade. Major Australian goods exports include edible products, vehicle parts and accessories, electrical distributing equipment, paper and paperboard and electrical equipment. Export potential to Nigeria is very high owing to its large, young population. Australia’s main goods imports from Nigeria include crude oil, oilseeds and spices.

Nigerian student enrolments have continued to fall, but remain much higher than in the 2000s. The ongoing pandemic points to another year of uncertainty for services exports in 2022, including tourism and education. Beyond the pandemic, service exports could benefit from the growing middle class in Nigeria. Growing demand for international education could lift Australian education exports.

Bilateral investment between Australia and Nigeria is small. Several Australian companies have done business there, including engineering and construction firm Worley Parsons, mining companies Australia Mines and CGA Mining. That said, Nigeria’s willingness to impose capital controls and import restrictions (particularly in agriculture) remains an ongoing constraint on doing business.