Nigeria's trade deficit shrank to NGN 679 billion in June of 2021 from NGN 893 billion in the same month a year ago. Exports jumped 129.3% to a near two-year high of NGN 1803 billion while imports rose at a softer 47.8% to NGN 2482 billion. Considering the second quarter of 2021, the country's trade gap narrowed to NGN 1871 billion from NGN 1925 billion in the same period a year ago, as shipments advanced 128.3% to NGN 5079 billion, its highest level in almost two years, boosted by exports of crude oil (162.4%). At the same time, imports grew 67.5% to NGN 6950 billion, due to higher purchases of mineral fuels (219.1%) machinery & transport equipment (56.1%) and chemicals & related products (64.2%). source: National Bureau of Statistics, Nigeria
Balance of Trade in Nigeria averaged 176342.72 NGN Millions from 1981 until 2021, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -1507542.69 NGN Millions in February of 2021. This page provides - Nigeria Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on September of 2021.
Balance of Trade in Nigeria is expected to be -650000.00 NGN Millions by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Balance of Trade is projected to trend around -200000.00 NGN Millions in 2022 and -50000.00 NGN Millions in 2023, according to our econometric models.