Nigeria recorded a trade surplus of 83975.80 NGN Millions in December of 2021. source: National Bureau of Statistics, Nigeria

Balance of Trade in Nigeria averaged 162815.65 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 -1570345.32 NGN Millions in August 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 May of 2022.

Balance of Trade in Nigeria is expected to be -15000.00 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
2022-03-15 01:00 PM Oct NGN-107.3B NGN449.1B NGN-750B
2022-03-15 01:00 PM Nov NGN-150.6B NGN-107.3B NGN-1100B
2022-06-07 11:00 AM Feb NGN84B NGN -500B


Related Last Previous Unit Reference
Balance of Trade 83975.80 -150623.45 NGN Millions Dec 2021
Exports 1724326.50 2065113.03 NGN Millions Dec 2021
Imports 1640350.71 2215736.48 NGN Millions Dec 2021
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
83975.80 -150623.45 2177553.08 -975441.14 1981 - 2021 NGN Millions Monthly

News Stream
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
Nigeria Trade Gap Widens Sharply in March
Nigeria's trade deficit widened to NGN 1123.3 billion in March of 2021 from NGN 554.5 billion in the same month a year ago. Imports surged 44.4% to NGN 2194 billion while exports rose at a softer 11% to NGN 1070 billion. Considering the first quarter of 2021, the country's trade gap widened to a record high of NGN 3944 billion from NGN 330 billion in the same period a year ago, as imports surged 54% to NGN 6851 billion, its highest level in over 12 years, due to higher purchases of energy goods (1347%), agricultural goods (141%) and raw materials (109%). Conversely, exports fell 29.3% to NGN 2907 billion, as shipments fell primarily for manufactured products (-43.7%) and crude oil (-34.5%). China, India, the Netherlands, Spain and the US were the main trading partners in Q1.
2021-06-07