Nigeria’s trade balance improves, export trade rises to N3.01tn in Q1

The National Bureau of Statistics (NBS) Tuesday said Nigeria’s total trade has risen to. N5.30 trillion in the first quarter of this year.

Arial view of one of Nigeria's port.

The NBS reported that Nigeria’s export trade was N3.01 trillion as against imports of N2.29 trillion, which showed a trade balance of N719.38 billion.
According to the NBS report, import trade fell by 0.9percent with the country recording 6.5percent in external trade.
Part of the NBS report released Tuesday reads: “The export component stood at N2.98 billion while the import component stood at N2.31 billion leading to a trade surplus of N671 billion.

“Trade by sector showed that crude oil exports had the largest share of the total trade, accounting for N2.43 billion or 45.9 per cent trade in fourth quarter.

“The second major contributor to total trade by sector was manufactured goods with N1.17 billion or 22.1 per cent of total trade’’.

“The non-crude oil products stood at N1.15 billion or 21.8 per cent while Agricultural goods accounted for N212.7 billion or 4 per cent.
“Raw material goods accounted for N309 billion or 5.9 per cent and Solid mineral goods stood at N13.1billion or 0.3 per cent of total trade in the quarter.’’