Nigeria and Venezuela
Nigeria and Venezuela are preparing cooperation through their joint commission. The April 2026 meeting agreed to reschedule the second session and review existing instruments before convening it again.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08History and institutional framework
Dunoma Umar Ahmed and Alberto Castellar Padilla met in Abuja on 24 April 2026.
What merchandise trade shows
In 2025, goods trade between Nigeria and Venezuela totalled 3.2 million current USD.
Cooperation and bilateral issues
The cooperation agenda covers agriculture, oil and gas, energy, mining, manufacturing, and information and communication technologies.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 3.21 M USD | 2025 · Comtrade |
| Goods: Nigeria to Venezuela | 0.326 M USD | 2025 · Comtrade |
| Goods: Venezuela to Nigeria | 2.88 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Nigeria to Venezuela | 0.000582 % | 2025 · Comtrade |
| Export share: Venezuela to Nigeria | ||
| Investment stock: Nigeria in Venezuela | ||
| Investment stock: Venezuela in Nigeria |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade; reporters NGA, PAK, PNG, PRK, PRT, QAT, ROU, RWA · Goods; full calendar year; reporter NGA. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Nigeria to Venezuela
- 2025 · UN Comtrade; reporters NGA, PAK, PNG, PRK, PRT, QAT, ROU, RWA · Goods; full calendar year; reporter NGA. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Venezuela to Nigeria
- 2025 · UN Comtrade; reporters NGA, PAK, PNG, PRK, PRT, QAT, ROU, RWA · Goods; full calendar year; reporter NGA. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Nigeria to Venezuela
- 2025 · UN Comtrade; reporters NGA, PAK, PNG, PRK, PRT, QAT, ROU, RWA · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Nigeria | Venezuela |
|---|---|---|
| Nominal GDP | 290.79 billion USD2025 · World Bank | 99.66 billion USD2025 · WB |
| GDP per capita | 1,224.25 USD2025 · World Bank | 3,494.81 USD2025 · WB |
| GDP growth | 4.01 %2025 · World Bank | 1.57 %2025 · WB |
| Policy interest rate | ||
| Inflation · annual average | 23.01 %Annual average · 2025 · World Bank | |
| Inflation · latest year-on-year figure | ||
| Unemployment | 3.06 %ILO est.2025 · World Bank | 5.31 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -1.8 %IMF est.2025 · IMF | -5.8 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 35.5 %IMF est.2025 · IMF | 308.7 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 4.83 %2025 · World Bank | |
| Population | 237,527,7822025 · World Bank | 28,516,8962025 · WB |
| Area | 923,770 km²2023 · World Bank | 912,050 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDNigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.Venezuela: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP per capita
- Current USD per personNigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.Venezuela: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP growth
- Annual real change (%)Nigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.Venezuela: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)Nigeria: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series; observation period, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institutionNigeria: 2025 · ILO modelled estimate, percentage of the labour force · World Bank · ILO est. · Official World Bank series; observation period, not download date.Venezuela: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.
- Budget balance
- General government (% of GDP)Nigeria: 2025 · IMF · IMF est. · IMF WEO general-government estimate. Retains the source’s fiscal year when it differs from the calendar year.Venezuela: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Nigeria: 2025 · IMF · IMF est. · IMF WEO general-government estimate. Retains the source’s fiscal year when it differs from the calendar year.Venezuela: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPNigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- Population
- PeopleNigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.Venezuela: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Area
- Total area in km²; territorial coverage of the sourceNigeria: 2023 · World Bank · Official World Bank series; observation period, not download date.Venezuela: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Nigeria to Venezuela
| Product or sector | Value / share |
|---|---|
Venezuela to Nigeria
| Product or sector | Value / share |
|---|---|
Connections between people
The cooperation agenda covers agriculture, oil and gas, energy, mining, manufacturing, and information and communication technologies. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Nigeria living in Venezuela | ||
| Residents from Venezuela living in Nigeria | ||
| Study and training: Nigeria in Venezuela | ||
| Study and training: Venezuela in Nigeria | ||
| Academic stays: Nigeria in Venezuela | ||
| Academic stays: Venezuela in Nigeria | ||
| Travel: Nigeria to Venezuela | ||
| Travel: Venezuela to Nigeria |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
History and institutional framework
Dunoma Umar Ahmed and Alberto Castellar Padilla met in Abuja on 24 April 2026. They examined preparations for a second joint commission initially planned for June and agreed to seek a more suitable date because of administrative changes. [1]
The scale of both economies
Nominal GDP for Nigeria is 290.8 billion USD (2025), compared with 99.7 for Venezuela (2025). The reference populations are 237.53 and 28.52 million, respectively. In the same year, the economy of Nigeria was 2.92 times that of Venezuela in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [3] [4] [5] [6]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
The cooperation agenda covers agriculture, oil and gas, energy, mining, manufacturing, and information and communication technologies. Both decided to establish a technical committee to review agreements, update outdated frameworks and coordinate documentation. The report says the new date would be communicated after consultations; it does not document a commission already held or sectoral contracts concluded in April. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Nigeria and Venezuela) totalled 3.2 million current USD. Shipments from the first to the second were 0.326 million; those in the opposite direction, 2.9 million. The difference between the two flows was 2.6 million, in favour of Venezuela. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Nigeria to the partner represented 0.000582% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — NGA-VEN
foreignaffairs.gov.ng · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade; reporters NGA, PAK, PNG, PRK, PRT, QAT, ROU, RWA · Institutional source · Accessed: 2026-10-08
- NY.GDP.MKTP.CD; country ISO and year preserved; no military data; exact requested country subset independently re-fetched and values compared
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — gdp
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; country ISO and year preserved; no military data; exact requested country subset independently re-fetched and values compared
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07