Nigeria Balance of Trade1981-2020 Data | 2021-2023 Forecast | Calendar | Historical

Nigeria recorded a trade deficit of NGN 830.1 billion in September of 2020 compared to a surplus of NGN 1479. 2 billion in the same month a year ago. Exports plunged 59.6% to NGN 896.2 billion, as crude oil exports tanked (-42.4 percent) due to lower oil prices and OPEC+ production cuts. Meanwhile, imports grew 51.5 percent to NGN 1726.3 billion. Considering Q3, the trade account shifted to a NGN 2388 billion gap compared to a surplus of NGN 1389 billion a year ago.

Nigeria recorded a trade deficit of NGN 807.2 billion in June of 2020 compared to a surplus of NGN 410.4 billion in the same month a year ago. It was the largest monthly trade shortfall since October of 2019, as exports plunged 46.1% to NGN 782.9 billion, due to Covid-19 pandemic restrictions and lockdowns. Meanwhile, imports jumped 52.5% to NGN 1,590 billion. Considering Q2, the trade account shifted to a NGN 1,803 billion gap compared to a surplus of NGN 591 billion a year ago. Exports slipped 51.7% year-on-year, as shipments of mineral products which account for 84% of total shipments, tumbled 57%, mainly due to crude oil (-60.5%). Meantime, imports went up just 0.4%, as a plunge in purchases of mineral products (-73%) outweighed increases in those of boilers, machinery & appliances (2.4%) and chemicals (98%). China, Spain, the Netherlands, the US and India were the main trading partners in Q2.

The trade balance in Nigeria swung to a NGN 162.2 billion gap in March of 2020 from a NGN 450 billion surplus a year earlier. Exports plunged 33.5 percent to NGN 965.6 billion, the lowest value since March of 2017 while imports increased 12.6 percent to NGN 1127 billion. Considering Q1, the trade account recorded a NGN 138 billion gap compared to a NGN 831.6 billion surplus a year earlier. Exports went down 10 percent year-on-year as sales of mineral products which account for 85 percent of total shipments, dropped 12 percent, mainly due to crude oil (-12.8 percent). Imports rose 14 percent, mainly purchases of boilers, machinery and appliances (11 percent); mineral products (172.5 percent), namely crude oil (180 percent) and vehicles, aircraft and vessels (27.5 percent). China, India, the Netherlands and Spain were the main trading partners in Q1.

Nigeria's trade surplus decreased to NGN 363 billion in December of 2019 from NGN 449 billion in the same month a year ago, as exports soared 48% year-on-year to NGN 1,396 million, driven by shipments of manufactured products (1180%) and crude oil (14.5%). Conversely, sales fell sharply for agricultural goods (-38.9%); raw material goods (-71.3%); solid mineral goods (-79.8%) and energy goods (-51%), reflecting the impact of the country's land borders closure. Imports grew at a slower 26.3% to NGN 1,759 billion, as higher purchases of manufactured products (54.2%); solid mineral goods (63.8%) and raw material goods (13.2%) were partly offset by declines in those of energy goods (-68.5%). Meantime, acquisitions of agricultural products rose only 1.4%. Considering the full year of 2019, the country's trade surplus shrank to USD 2.23 billion, the lowest since 2016, from USD 5.37 billion a year ago.