Nigeria's trade surplus decreased to NGN 450 billion in March 2019 from NGN 478.5 billion in the same month a year earlier. Exports dropped 0.2% to NGN 1452 billion, amid declines in sales of raw material (-20.5%); solid minerals (-43.1%) and energy goods (-4.8%). In contrast, they grew for agricultural goods (74.5%); crude oil (0.7%) and manufactured goods (353.6%). Imports rose 2.6% to NGN 1002 billion, boosted by purchases of energy goods (796.3%); manufactured goods (101.3%); solid mineral (70.8%); raw material (46.9%) and agricultural goods (61.3%). Considering the first quarter of 2019, the country's trade surplus shrank to NGN 832 billion from NGN 1776 billion in the same period of 2018. Balance of Trade in Nigeria averaged 205403.43 NGN Millions from 1981 until 2019, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -622103.84 NGN Millions in August of 2018.
Balance of Trade in Nigeria is expected to be 1015000.00 NGN Millions by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Nigeria to stand at 700000.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around 840000.00 NGN Millions in 2020, according to our econometric models.