Imports of goods and services, Volume, Cost insurance freight (CIF) in Nigeria
Nigeria: Imports of goods and services, Volume, Cost insurance freight (CIF) was 1.33 in 2031. ◆ Volatile
Imports of goods and services, Volume, Cost insurance freight (CIF) in Nigeria, 1991–2031
Source: International Monetary Fund.
Analysis
In 2031, imports of goods and services, volume, cost insurance freight (cif) in Nigeria stood at 1.33.
That represents a change of down 74.7% on the previous year and up 105.0% over ten years.
Over the whole period, imports of goods and services, volume, cost insurance freight (cif) in Nigeria peaked at 59.88 in 1991 and was at its lowest, -28.77, in 2016.
Nigeria ranks 25th of 26 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Imports of goods and services, Volume, Cost insurance freight (CIF) in Nigeria, year by year
| Year | Value | Change |
|---|---|---|
| 1991 | 59.88 | — |
| 1992 | -12.63 | -121.1% |
| 1993 | 11.99 | -194.9% |
| 1994 | 0.2685 | -97.8% |
| 1995 | 23.87 | +8788.6% |
| 1996 | -17.07 | -171.5% |
| 1997 | 34.39 | -301.4% |
| 1998 | 11.34 | -67.0% |
| 1999 | -18.51 | -263.3% |
| 2000 | -17.47 | -5.6% |
| 2001 | 42.91 | -345.7% |
| 2002 | -0.6882 | -101.6% |
| 2003 | 25.92 | -3865.8% |
| 2004 | -19.65 | -175.8% |
| 2005 | 25.15 | -228.0% |
| 2006 | -3.65 | -114.5% |
| 2007 | 19.27 | -628.7% |
| 2008 | 10.35 | -46.3% |
| 2009 | 1.13 | -89.1% |
| 2010 | 20.41 | +1712.8% |
| 2011 | 3.53 | -82.7% |
| 2012 | -11.16 | -416.0% |
| 2013 | -7.14 | -36.0% |
| 2014 | 23.79 | -433.2% |
| 2015 | 7.27 | -69.4% |
| 2016 | -28.77 | -495.6% |
| 2017 | 0.7378 | -102.6% |
| 2018 | 25.86 | +3405.4% |
| 2019 | 46.29 | +79.0% |
| 2020 | -17.85 | -138.6% |
| 2021 | -26.66 | +49.3% |
| 2022 | -5.96 | -77.7% |
| 2023 | -7.26 | +21.9% |
| 2024 | -10.85 | +49.4% |
| 2025 | 19.9 | -283.4% |
| 2026 | -0.0322 | -100.2% |
| 2027 | 8.66 | -27028.8% |
| 2028 | 0.1282 | -98.5% |
| 2029 | 6.74 | +5154.9% |
| 2030 | 5.26 | -22.0% |
| 2031 | 1.33 | -74.7% |
Nigeria compared with similar countries
- Nigeria's 1.33 is below the median for lower middle income countries, which is 5.24, 25% of the median. (5 countries reporting)
Biggest year-on-year movements
Years where Imports of goods and services, Volume, Cost insurance freight (CIF) in Nigeria changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2027 | +27028.8% | -0.0322 | 8.66 |
| 1995 | +8788.6% | 0.2685 | 23.87 |
| 2029 | +5154.9% | 0.1282 | 6.74 |
| 2003 | +3865.8% | -0.6882 | 25.92 |
| 2018 | +3405.4% | 0.7378 | 25.86 |
| 2010 | +1712.8% | 1.13 | 20.41 |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 10.39 | -18.51 | 59.88 | 9 |
| 2000s | 8.33 | -19.65 | 42.91 | 10 |
| 2010s | 8.08 | -28.77 | 46.29 | 10 |
| 2020s | -3.32 | -26.66 | 19.9 | 10 |
| 2030s | 3.29 | 1.33 | 5.26 | 2 |
Countries ranked near Nigeria
- 22 Japan 2.01 compare
- 23 Singapore 1.66 compare
- 24 Montenegro 1.49 compare
- 26 Chinese Taipei 0.9567 compare
More financial sector data for Nigeria
- Reserve position in the IMF, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 1.01 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0006 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 0.7387 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 1.01 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is imports of goods and services, volume, cost insurance freight (cif) in Nigeria?
- Imports of goods and services, volume, cost insurance freight (cif) in Nigeria was 1.33 in 2031, according to International Monetary Fund.
- What is the highest imports of goods and services, volume, cost insurance freight (cif) recorded in Nigeria?
- The highest recorded value was 59.88 in 1991.
- What is the lowest imports of goods and services, volume, cost insurance freight (cif) recorded in Nigeria?
- The lowest recorded value was -28.77 in 2016.
- How does Nigeria rank for imports of goods and services, volume, cost insurance freight (cif)?
- Nigeria ranks 25th out of 26 countries with data for 2031.
- Is imports of goods and services, volume, cost insurance freight (cif) rising or falling in Nigeria?
- Over the last ten years it is up 105.0%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from International Monetary Fund, published as part of Imports of goods and services, Volume, Cost insurance freight (CIF), Percent change (9/26/2025). Statizoid updates them automatically from the source API.
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About this data
The World Economic Outlook (WEO) database is created during the biannual WEO exercise, which begins in January and June of each year and results in the April and September/October WEO publication. Selected series from the publication are available in a database format.