Nigeria Balance of Trade  1981-2018 | Data | Chart | Calendar | Forecast

Nigeria's trade surplus widened to NGN 761.0 billion in December of 2017 from NGN 227.0 billion in the same month of the previous year. It is the largest trade surplus since August of 2014, as exports increased 41.9 percent year-on-year to NGN 1398.5 billion mostly due to higher sales of crude oil (50.5 percent); agricultural goods (247.2 percent) and raw material (130.4 percent). The most important export partners were: India (15.7 percent), the US (12.8 percent), Netherlands (10.6 percent) and France (10 percent). Meantime, imports fell 16 percent to NGN 637.4 billion, as purchases dropped for other crude oil products (-58 percent); agricultural goods (-8 percent) and solid mineral (-22 percent). Main import partners were: China (22 percent), Belgium (9 percent), the US (9 percent), India (6 percent) and Netherlands (5.9 percent). Considering full 2017, the country’s trade balance posted a surplus of NGN 13598.3, compared with a NGN 290.1 deficit in 2016. Balance of Trade in Nigeria averaged 198382.05 NGN Millions from 1981 until 2017, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -592200.72 NGN Millions in March of 2011.

Nigeria Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-03-08 09:15 AM Balance of Trade NGN 761.0B NGN 566.5B NGN 373.8B
2018-03-08 09:15 AM Balance of Trade NGN 566.5B NGN 470.7B NGN 447.7B
2018-03-08 09:15 AM Balance of Trade NGN 470.7B NGN 467.7B
2018-06-06 09:30 AM Balance of Trade NGN 810B
2018-06-06 09:30 AM Balance of Trade NGN 687.7B
2018-06-06 09:30 AM Balance of Trade NGN 761.0B NGN 548.2B


Nigeria Trade Last Previous Highest Lowest Unit
Balance of Trade 761029.15 566543.42 2177553.08 -592200.72 NGN Millions [+]
Exports 1398471.26 1334387.56 2648881.76 322.93 NGN Millions [+]
Imports 637442.11 767844.14 1554732.90 167.88 NGN Millions [+]
Current Account 3656.15 2292.79 10383.67 -5695.27 USD Million [+]
Current Account to GDP -1.80 -3.10 32.80 -18.70 percent [+]
Terms of Trade 110.30 104.66 160.25 49.48 Index Points [+]
Foreign Direct Investment 959.52 798.35 3084.90 501.83 USD Million [+]
Capital Flows -3858.67 3106.73 20302.97 -15439.95 USD Million [+]
Gold Reserves 21.40 21.37 21.40 21.37 Tonnes [+]
Crude Oil Production 1686.00 1635.00 2475.00 675.00 BBL/D/1K [+]
External Debt 18913.44 15352.13 18913.44 3627.50 USD Million [+]
Terrorism Index 9.01 9.31 9.31 3.86 [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



Nigeria Balance of Trade

Exports of commodities (oil and natural gas) is the main factor behind Nigeria's growth and accounts for more than 91% of total exports. In 2014, Europe and Asia were the country's main trade partners. Europe accounted for 43% of total sales and 34% of total imports while Asia accounted for 29% of total shipments and 43% of total purchases. This page provides - Nigeria Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Balance of Trade - actual data, historical chart and calendar of releases - was last updated on May of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
761029.15 566543.42 2177553.08 -592200.72 1981 - 2017 NGN Millions Monthly




balance of trade by Country
Country Last
Australia 1527.00 Mar/18
Brazil 6140.00 Apr/18
Canada -4139.60 Mar/18
China 287.80 Apr/18
Euro Area 26932.60 Mar/18
France -5258.00 Mar/18
Germany 25187.00 Mar/18
India -13720.00 Apr/18
Indonesia -1629.30 Apr/18
Italy 4531.06 Mar/18
Japan 625.98 Apr/18
Mexico -289.15 Apr/18
Netherlands 5280.00 Mar/18
Russia 15001.00 Mar/18
South Korea 6611.00 Apr/18
Spain -830631.00 Mar/18
Switzerland 2315.30 Mar/18
Turkey -5855.00 Mar/18
United Kingdom -3091.00 Mar/18
United States -48956.00 Mar/18


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