Nigeria posted a trade surplus of NGN 971 billion in March of 2022, compared with a deficit of NGN 873 billion in the same month of the previous year. It was the largest trade surplus since September of 2019, as exports jumped 154 percent to NGN 2805 billion boosted by shipments of raw materials (606 percent), crude oil (208.5 percent) and solid minerals (109 percent). Among major export partners, sales rose mainly to Europe (277 percent), notably Italy (759 percent) and Spain (433 percent); Asia (86.9 percent), namely India (78.3 percent) and America (116.8 percent), including the US (553 percent) and Canada (258 percent). Meanwhile, imports fell 7.3 percent to NGN 1834 billion, on lower purchases of energy products (-97.5 percent). Among major import partners, purchases decreased mostly from Asia (-16.2 percent), namely India (-22.1 percent) and Europe (-10.9 percent), of which Spain (-73 percent), the Netherlands (-57 percent) and Italy (-44 percent). source: National Bureau of Statistics, Nigeria

Balance of Trade in Nigeria averaged 191824.97 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 -975441.14 NGN Millions in October of 2019. 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 June of 2022.

Balance of Trade in Nigeria is expected to be 600000.00 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 50000.00 NGN Millions in 2023 and -150000.00 NGN Millions in 2024, according to our econometric models.

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Nigeria Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-06-07 11:30 AM Feb NGN 43B NGN185B NGN -700B
2022-06-07 11:30 AM Mar NGN 971B NGN 43B NGN-350B
2022-09-07 11:00 AM Apr NGN 971B NGN -15B


Related Last Previous Unit Reference
Balance of Trade 971382.29 42986.97 NGN Millions Mar 2022
Imports 1834067.40 2052525.60 NGN Millions Mar 2022
Exports 2805449.70 2095512.60 NGN Millions Mar 2022
Terms of Trade 101.22 101.88 points Sep 2021
Oil Exports 1270799.94 1511558.58 NGN Million Dec 2021
Non Oil Exports 453526.56 553554.45 NGN Million Dec 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
971382.29 42986.97 2177553.08 -975441.14 1981 - 2022 NGN Millions Monthly

News Stream
Nigeria Trade Balance Swings to Surplus
Nigeria posted a trade surplus of NGN 971 billion in March of 2022, compared with a deficit of NGN 873 billion in the same month of the previous year. It was the largest trade surplus since September of 2019, as exports jumped 154 percent to NGN 2805 billion boosted by shipments of raw materials (606 percent), crude oil (208.5 percent) and solid minerals (109 percent). Among major export partners, sales rose mainly to Europe (277 percent), notably Italy (759 percent) and Spain (433 percent); Asia (86.9 percent), namely India (78.3 percent) and America (116.8 percent), including the US (553 percent) and Canada (258 percent). Meanwhile, imports fell 7.3 percent to NGN 1834 billion, on lower purchases of energy products (-97.5 percent). Among major import partners, purchases decreased mostly from Asia (-16.2 percent), namely India (-22.1 percent) and Europe (-10.9 percent), of which Spain (-73 percent), the Netherlands (-57 percent) and Italy (-44 percent).
2022-06-07
Nigeria Trade Gap Narrows in June
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, as higher exports of crude oil (162.4%) more than offset a decline in those of manufactured goods (-16.7%). At the same time, imports grew 67.5% to NGN 6950 billion, boosted by purchases of mineral fuels (219.1%); machinery & transport equipment (56.1%) and chemicals & related products (64.2%).
2021-09-07