Nigeria’s trade surplus widened to NGN 805.2 billion in September 2018 from NGN 467.7 billion in the same month a year earlier. Exports rose 36.2 percent year-on-year to NGN 1754.6 billion, mainly driven by higher sales of crude oil (36.5 percent); manufactured goods (85.4 percent); raw material (36.7 percent); energy goods (42.3 percent) and solid mineral (47.9 percent). Main export partners were: India (15.8 percent of total exports), Spain (10.8 percent), France (10.3 percent), South Africa (6.9 percent) and Netherlands (5.7 percent). Imports advanced 15.7 percent to NGN 949.3 billion, mostly due to higher purchases of agricultural goods (11.4 percent) and manufactured goods (27.8 percent). The most important import partners were: South Korea (29.1 percent of total imports), China (14.2 percent), Netherlands (11.6 percent), Belgium (7 percent) and the US (5.4 percent). Balance of Trade in Nigeria averaged 201916.59 NGN Millions from 1981 until 2018, 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.

Balance of Trade in Nigeria is expected to be 767759.00 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 763515.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around -17600.00 NGN Millions in 2020, according to our econometric models.

Nigeria Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-06 08:00 AM Balance of Trade NGN 700.7B NGN 836.6B NGN 721.6B
2018-12-11 08:40 AM Balance of Trade NGN 489.1B NGN 805.9B NGN 528.2B
2018-12-11 08:40 AM Balance of Trade NGN-613.1B NGN 489.1B NGN 425.9B
2018-12-11 08:40 AM Balance of Trade NGN 805.2B NGN-613.1B NGN 756.2B
2019-02-27 09:15 AM Balance of Trade NGN -37B
2019-02-27 09:15 AM Balance of Trade
2019-02-27 09:15 AM Balance of Trade NGN 805.2B


Nigeria Trade Last Previous Highest Lowest Unit
Balance of Trade 805238.49 -613101.70 2177553.08 -613101.70 NGN Millions [+]
Current Account 5735.86 3523.00 10383.67 -5695.27 USD Million [+]
Current Account to GDP 2.00 -1.80 32.80 -18.70 percent [+]
Imports 949338.42 2200339.49 2200339.49 167.88 NGN Millions [+]
Exports 1754576.91 1587237.78 2648881.76 322.93 NGN Millions [+]
Terms of Trade 109.20 111.10 160.25 49.48 Index Points [+]
Foreign Direct Investment 435.64 808.56 3084.90 435.64 USD Million [+]
Capital Flows 1792.62 909.16 20302.97 -15439.95 USD Million [+]
Gold Reserves 21.40 21.40 21.40 21.37 Tonnes [+]
Crude Oil Production 1797.00 1579.00 2475.00 675.00 BBL/D/1K [+]
External Debt 22083.44 22071.91 22083.44 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 January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
805238.49 -613101.70 2177553.08 -613101.70 1981 - 2018 NGN Millions Monthly




Country Last Previous
Argentina 979.00 Nov/18
Australia 1925.00 Nov/18
Brazil 6639.00 Dec/18
Canada -2060.10 Nov/18
China 570.60 Dec/18
Euro Area 18967.90 Nov/18
France -5099.00 Nov/18
Germany 20500.00 Nov/18
India -13080.00 Dec/18
Indonesia -1102.00 Dec/18
Italy 3843.00 Nov/18
Japan -737.30 Nov/18
Mexico -2382.00 Nov/18
Netherlands 6983.00 Nov/18
Russia 18984.00 Nov/18
Saudi Arabia 184673.00 Sep/18
Singapore 1943.12 Dec/18
South Africa 3494.40 Nov/18
South Korea 4558.00 Dec/18
Spain -2568800.00 Nov/18
Switzerland 3071.48 Nov/18
Turkey -651.36 Nov/18
United Kingdom -2904.00 Nov/18
United States -55488.00 Oct/18


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